You’ll miss out on useful bots, like the one that rewrites Lemmy links so they work right.

Like the others say, there’s a downside as it blocks all content from accounts marked as bots by their creator. But on the website of your instance, clixk your name at the top right (or on mobile, hamburger button then click your name), then click Settings. The option is in there, and in my experience generally will sync through to any app you use. Your app may have a way to set this as well.