You give up time to develop sport specific skills by being a multi sport athlete. You also give up your off-season to a different sport and loose recovery time, both mentally and physically. Competing year round can accelerate burn out. Injuries are also a concern.
Conversely, playing other sports can rest specific muscles and hone complementary skills. It can yield a fresh perspective and enhance drive.
It depends on the player and the situation. There isn't a cookie cutter answer. Frequently specializing is required to advance to the next level. When to specialize depends on the player.