There are definitely pros and cons. The grass isn't always greener.
Pros for me are some of the things you say. I love that I am fortunate enough to spend most of my time with my children without the worry of work. It's excellent if one of them is ill, we can have a day snuggling on the sofa with no concerns. I can speak to preschool staff whenever I need (frequently, as my DD has ASD and needs extra help). I've never missed a milestone. I've spent literally days and days colouring, playing in the park, baking etc etc. I don't have to worry about annual leave, office politics (I worked in a senior position prior to having children) or having to arrange childcare - or pay for it.
However. It's not all sunshine and roses. It can be very very isolating (esp when you have a child with additional needs who struggles to socialise with other children). I do have to rush around in the mornings to get DD to preschool on time with a toddler in tow too. 95% of the housework, shopping, life admin falls to me as DH is out of the house 6-7 Monday - Friday on top of looking after two small children. We still cram stuff in at the weekend because I simply do not have time to do it all in the week, even being at home full time. I sometimes feel utterly touched out and crave time on my own, and silence. I rarely get to eat in peace or finish a hot drink unless DD is at preschool and baby is napping. Also everyone who isn't a sahm judges you and thinks you're a lazy bint who contributes nothing to society and sits around drinking coffee and eating cake all day (luckily I care not a jot about this). People also assume that you couldn't ever have had a successful career (I did) if you're at home, and therefore wrongly assume you're not particularly bright, have nothing interesting to say or are unable to talk about anything other than your children.
One big difference I've noticed with friends who work is they are always understandably keen to meet with children and in child friendly places, clearly because they miss their children whilst at work and want to maximise their time with them. I on the other hand really want to meet child free, in places where children probably won't be because I am constantly with mine so enjoy a bit of adult time. It's a hard balance to get right to keep everyone happy. We tend to do a child friendly meet up once a month then maybe a dinner and drinks too, seems to work in my circle.
That said, I wouldn't change it and I think it must be extremely difficult to be a working mum. Both ways of life have their juggles and struggles. What I don't do is judge anyone either way. We're all mums just trying our best, whether we work or not.