My kid is almost ready for prep! What are the advantages & disadvantages of enrolling into a small school?

This school is very small. Performs well enough academically, but limited in the variety of spaces and teachers and extracurriculars it offers. However, lots of emphasis on community.

The other school we are interested in is about 5 times bigger in student numbers and proportionately larger in space. Equivalent in academic performance and parent reviews online. More extracurricular offerings. Less of a community feel.

Would love to hear any positive or negative experiences of your kids attending a very small school.