You will need to prioritize, and noone can do it for you.
On the benefits side, improved work life quality. Think about it; mon-fri people spend more than 50% of the time they are awake, working. And the life quality of remaining time, is influenced by work satisfaction. Work satisfaction is not an unimportant thing! Sure, we can do the noble "I sacrifice myself for the rest of my family and keep a job I don't like just so everyone else can be happy" thing. But there _is_ an I in family, and it is ok to think about oneself as part of the equation. From what OP is writing, there may also be opportunities to work on new types of assignments, leading to an improved CV, leading to possible later economic benefits?
Disadvantages. A pay cut is something tangible which can easily be related to. "Other benefits" would depend, e.g. health insurance and those types of things are not to be taken too lightly. But ... these are very tangible benefits that are possible to prioritize.
Risk. This is the tough one. What is the probability that you end up with a good scenario. And the probability that Murphy's Law kicks in, and you end up without a job, not able to get the old job back, and suddenly things look grim. I would like to think of this similar to gambling and financial investments. If the scenario that you lose is unacceptable, and the risk of that happening is not miniscule, then the risk is probably too high. Problem is it is hard to assess what is the real risk; whether the job is as good as the sales pitch.
Maybe it is possible to do some negotiations, if you are leaning towards not taking the job, then trying to get a better deal would not hurt. Letting them understand that you need them to provide some safety net before you are willing to jump ship.
I am guessing you work in the US. In my opinion, the impact of losing one's job is one of the worst "features" of the US work economy, and it is sad to see US colleagues holding onto their jobs for dear life. The free economy thinking has taken it one step too far, hindering work mobility - which hurts the economy. When the risk associated with taking a new job involves a potential "I may end up with no health coverage" scenario, and no financial safety net, I can see why people stick around with a job they find less than exciting, and put up with all sorts of crap from management to work extra hours etc. to keep the job. Plus always appearing super excited about everything related to work, keeping up good appearances. And just as bad for the work place ... employees who deliberately sabotage work processes to make themselves indespensable, the "noone else knows how this setup which I never documented works, so they can't fire me" type of mentality - and falling into "group think" mentality, afraid to criticize poor management or processes. I am seriously glad I don't have to work in the US.
Anyways, good luck with the decision!