Trey can ban the Switch, but offline games will continue to work. Also the account doesn't get banned, so you can buy a new one. (Speaking from experience, unfortunately) You can still play the new Zelda, just can't play Splatoon, Mario Kart, or Smash online then on the banned Switch. It's possible but arduous to rescue the saves off the banned Switch if you have access to a second modded Switch that is not banned (also speaking from experience) and use homebrew to back up and restore your saves, then launch them all from sysMMC with legitimately owned versions of those games and let the cloud save feature kick in. Animal Crossing has a separate dedicated save tool.
Block Nintendo servers, disable auto updates, use separate sysMMC and emuMMC with no unauthorized games or DLC run on the sysMMC. If you follow the main guide everyone uses now, it's pretty safe. But updating becomes a more difficult and manual process. Have to grab a zip of the new firmware from the 'net on your PC and copy it to the SD card to be installed via a homebrew method. Installing games, game updates, and DLC is similarly manual. It's not like the PS3, Vita, and 3DS(?) where you can pull it all off of official servers easily.
Oh yeah, and we're stuck with a "tethered jailbreak", that's perhaps the worst part. Any time you turn off the hacked Switch it needs to be sent a payload from your PC or phone to boot up again then.
Whether it's all worth it depends on your needs I suppose. You could get a bunch of tournament setups going with Smash (or another fighting game) + all DLC for your LAN party and save a bit of money. You can try out new singleplayer games before buying them physically. You can mod games and run emulators. Honestly the Switch scene seems largely less cool than what we had with the 3DS or Wii (Wii U was a little disappointing as well). I barely touch my Switch(es) since getting a Steam Deck.