It's a really fun set of tradeoffs to be honest. You get more lift at a given speed/AoA, which lets you go slower without stalling. But you get even more drag, which means the engines have to work harder to keep you flying at that slower speed.
Increasing drag is actually useful when landing. too. Trying to land an airplane with very little drag at a given spot is difficult because if you're just a little fast they'll float a long time.
Definitely! Flaps are one of the few “almost free lunch” things in aviation where almost everything else has harsh tradeoffs to consider.