There must be a thousand threads on this topic, but here's the short answer:
increases axle flexibility off road
makes turning less stable, if you have a lift, it's that much easier to roll over
You can run without one, after all, CJ jeeps didn't have them for decades. You just have to be mindful of how you drive. That said, other people aren't always mindful, so if you have to swerve to miss something, you will definitely have less control. I'm assuming your drivetrain is more or less stock, so you could fairly easily put on disconnecting sway bar links and have the best of both worlds.
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