The pitfalls are:
1. It's SQLite, with everything that entails. The schema migration story is "SSH into your production machine and run your migration scripts."
2. Every deploy to a new machine involves downloading your database from S3. Zero-downtime deploys aren't possible because you need to pause writes, sync, and then download the DB to the new container or whatever. If your database is gigabytes (mine is kilobytes), this could be a deal breaker.
Honestly, if managed databases were as cheap as SQLite hosting, I'd just use a managed database, because the SQLite ops workflows are too weird. But I'm confident in the reliability and performance of the site, and it is genuinely cheaper to not run a managed database, which is important for hobby projects.
(Standard internet comment disclaimer that I am a fallible human who might have missed something or am somehow doing it wrong...)