It all depends on the possibilities of the makerspace and the freedom for students within their learning. If a student is free to make what he or she wants, with their own learning-goals and assessments, then it's a great way to learn with increasing ownership.
Cons are the need of specialized teachers/instructors, with the right mindset to encourage students to explore. And you will need a lot of time because it's a great way of learning, almost like playing. If students don't like this method, it's no use to give them the freedom. Just introduction to a makerspace would be sufficient.
One of the advantages is that it contributes to the development of students' scientific creativity, and one of its disadvantages is that it takes time from the school curriculum and some students may participate in it with ready and weak work.