Any Limitations of Lookup field type compared to Dropdown?

Any Limitations of Lookup field type compared to Dropdown?

Advice needed please...

If for some fields we are deciding between using a Lookup field vs. a Dropdown field....

Are there *any technical downsides* or limitations to using the Lookup type vs. the self-contained Dropdown type? 

For example, would a form with say 10 Dropdown fields perform the same in all respects if they were instead Lookup fields?

Such as in areas of:
  • Server performance
  • Mobile version
  • Sheet and Grid views
  • Scripting capabilities
  • Flexibility of display, etc.

We are aware that there are limitations of any type of multi-select field.  So this is not what we are asking. We are asking of limitations of Lookup field (whether single or multi-select) compared to Dropdown field of same type.

(FYI we prefer to use Lookup fields to have more flexibility and future-proofing, especially since the types cannot be easily changed.  Also, I've tried to locate the full picture from the Usage Guide but having trouble finding this.)

Thank you!  :-)