Bringing the woolly mammoth back to life has only recently become a plausible reality. An advancement in genetic engineering called CRISPR is what has made this a possibility. CRISPR is a system that allows a geneticist to place individual genes that code for specific characteristics into the genome of living creatures. Another thing that has made the possibility of bringing the Woolly Mammoth back to life was the discovery of "buttercup", a female woolly mammoth's body that was uncovered and had blood that could be used to fill in the genome of the species. One of the biggest advantages to bringing back the Woolly Mammoth would be to help combat the defrosting of the permafrost in the Siberian plains. The Siberian plains contain more carbon than if we burn all the trees on Earth 3 times over. If the permafrost were to completely melt it would have serious implications on the entire Earth's health. I believe there could be disadvantages to bringing the species back to life. For instance, we do not know how it would affect the other species in the Siberian plains. The Mammoth's are so large that they will require an incredible amount of nutrients to survive. They could take away from the food that other species require to survive. I don't know if this would be possible for other species since the scientist are using the elephant's genome to help create the Woolly Mammoth. So, I think we would need a close relative to the species in order to bring it back.
References:
https://www.history.com/news/wooly-mammoth-resurrection-cloning-genesis
https://www.nationalgeographic.com/news/2017/07/woolly-mammoths-extinction-cloning-genetics/#close