3rd Person vs 1st Person Mesh for 1st Person Game?

This Question probably have been asked before but I’m not sure what to use for my game, My game is a open world survival, what are pros and cons to use ether? and for weapon i guess the project fires from the 1st person mesh but shows for other people coming from the 3rd person mesh? I have a lot of items that get equipped and actors that spawn in the players hands.