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Being a text-only browser that runs inside the terminal makes Lynx very lightweight and minimal since it doesn't need much resources to run and too many things to render (pictures, videos etc...).
Pro Useful for web developers
Since lynx does not load images or any graphical content (just like crawlers) one of these could be to test their website and see how search engine crawlers 'see' each page. Lynx can be used by web developers to test their websites for different reasons and applications.
Con Text-based only
Lynx is a text-based only web browser and it's the oldest browser still in use. Being text-only, it's not very useful anymore outside some niche use cases.