Its a tough choice to be honest.

Pros:

1) You get advanced refines from sage world( a lot of them if you have good power gap over your competitors at that level). Initiative is one of the most valued attributes in the game despite giving less power, but it could help you to win the barrier and move first to have some advantage in PvP. Some people say it affects matsuri matching, but i have never seen that to work, its too wild a matching. Advanced refines are the sole reason to be freezing.

Cons

Depends on how heavily you are freezing. Some people go to the extent of giving up on nine tails, ninja exam, nine tails wanted missions( which most people forget to do anyway), and sweeping plot /elite instances, and avoiding daily practices. Depending on what all you miss you lose a whole lot of things.Missing nine tails is practically giving up minimum 25*4=100 coupons minimum , and if you finish top 3 its more. Not to forget the coins you get in nine tails, which would be needed for equipment strengthening or eight inner gates. Not that there are other power sources, but you will take a lot more time to reach you competitors eight gates value. If you are freezing at a early level, and chucking ninja exams it would be a lose of magatamas and powering up opportunities from ninja exams. You will be getting lesser coins from survival trial at lower levels. If you are less than level 70 then some important treasures like kage wont be open and you would be missing those free draws that would reduce your overall consumption of seal scrolls. The present daily practice has advanced refine and myoboku thing at the last frog, some freezers just click the last frog, some miss it too. If you are missing it then you are missing some more powering up materials.

What happens when you level freeze?(ideal case)

Initially, You will obviously have a power decrease and you would see your competitors in server and space time bracket slightly growing better than you. But later you use up your hard earned refines.. Get those level 9 or 10 refines( too ideal) , and even though low in power beat up your opponent with barrier. But this has become less applicable with the rise of barrier breakers like roshi and lord kisame. And about losing out on magatamas and eight gates, you can eventually catch up because all power sources saturate, and you can get closer to them, but they still will have the slight edge, because they started early, but the gap could be narrowed.

Who does this style suit the best?

Its best for p2w players, because they could make up for the lost materials and power with ingots. But i have seen f2p players, successfully freezing and ending up with high intiatives. Honestly it depends on your bracket too. Say if one of the whales in your bracket decide to freeze, and you are with him then good luck. This is actually a cycle. If everyone freezes then we are again back to step 1.

So there is no single answer. You would have to choose based on your bracket. Your power seems good for your level. But in my opinion, if you are freezing start at around 70, because you would be opening up a lot of power sources and treasures by 70. And be ready for the haters, and there is no less honor in freezing. You are not doing anything unethical. Its just a play style where you are prioritizing based on your needs. If you can handle it go for it.