What considerations do I need to make to assess the advantages and
drawbacks of doing so?
First, 100% of nobody will ever complain that you left a company for a better position. The key is how professionally you handle leaving & how polite you are to the previous company when you leave.
The key is to not burn bridges. Don’t act in the heat of the moment. You might want to mention that seeing new hires come on board above you inspired you to look elsewhere, but don’t dwell on that at all. Let the company figure it out for themselves. If you feel that way, you can’t be the only one.
But leaving a company for a better position & salary is the number 1 reason anyone leaves a company. So it’s not unusual at all as awkward as it might seem.