I would say there are many drawbacks with shared hostings. What do you need it for?
Personally I try to avoid them. Once I was asked to find why a specific website at a specific hour stopped working, after some research I saw that MySQL had
max_connections set to 161 (which is very low). In practice one of the other websites opened so many permanent connections, during that hour, that the pool of the server was saturated, so all the other attempts were going in timeout.
Similar issues happens if the open file limit of MySQL is to low and if in the server there are too many tables, which are files. If the limit is reached, then it causes accessing errors.
Had an issue with other site on host getting DDOSed. Over an over for weeks. Killed off my friend's forum.