Pros and Cons of various session configs?

I didn’t see a discussion about the pros and cons of choosing one session config over another.

Obviously, if you have technology limitations that dictate using one solution instead of another, that’s one thing.

But is there a reason that the default config uses the PHP session? Is there a noteworthy performance hit to use a database session instead? How about using the cache? I don’t imagine there’s a performance hit there. So why not use it as the default?

Etc etc. Would love to understand why I would want to choose one over another.