Pros and cons ?
PS is a much more fully-featured painting experience. Though it can be confusing to paint your texture in 2D when you ultimately want to view it on a 3D model.
Blender paint can paint in 2D but a huge benefit is being able to paint on your 3D model directly.
There's a pretty amazing Blender addon called BPainter that facilitates many of PS's painting features. It's the best of both worlds.
I think I tried it around 2009 (when I was in college). It was very rudimentary back them as far as I remember. Especially compared to Cinema4D's 3d painting feature called "bodypaint" which was one of the first to do it really well (pre substance painter).
I can only imagine Photoshop's 3D painting has improved but I've not tried it since 2009. Nor have I known any colleagues (pro or amateur) paint textures that way, unless using the Quixel suite.
Thanks for the tip/reminder!