You will find the phrase pros and cons in many places, which do not mark it as 'informal' or in any way restricted in use. The complete 20-volume Oxford English Dictionary explains that it is an abbreviation of the Latin phrase pro et contra, 'for and against', and that it has been in use in the abbreviated form since the 16th century. In other words, it is a well established standard usage.
The alternative is the much longer 'arguments for and against'.
Mr.H
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