what are the benfits and drawbacks of using insect hormones as a means of pest control?

The benefits is that they can target specific bugs...maybe.
The attractant hormones used to trap flies, cotton weevils, and the like, so they can be removed from the productive chain then destroyed are targeting only the specific insect.
The hormones being released in the wild as genetic variations (growth hormone, or metamorphic disruptors ) let these hormones enter the ecosystem. The question is do we know the answers to the question: what side effects to the ecosystem are going to occur? We usually dont. Birds and small reptiles eat those bugs: with altered hormones affect them? No one knows. Sometimes we don't really want to kill bugs entirely, they after all do have some good effects, especially in pollination.
Recently a "natural" herbal hormone (testerone) remedy was pulled from the market after discovering men who took it upon contact with his small children (hugging, touching, normal stuff) caused them to go into puberty...at ages six to eight. WE just don't have all the answers, and theses hormones should be subjected to scientific testing before release.