The benefits of higher pressure are eventually outweighed by the downsides.
A further benefit is, to achieve the same power, you can use smaller cylinders. As in a number of designs they had reached a limit of cylinder diameter within the loading gauge (outside) or space available between the frames (inside), this can be useful. Having more than two cylinders is generally just because you can't get the power needed from two.
But boilers simplistically need to be thicker (thus heavier) and all their myriad components are under greater stress, which means more maintenance work. British designs from multiple designers seem to have topped out at 250psi. Both the GWR County and the SR Merchant Navy went for 280psi in the 1940s, and both later retreated to 250psi, which is just a simple case of resetting the safety valves. Hawksworth on the GWR was trying for something close to a Castle power without needing more than two cylinders, with all their additional weight and mechanical complexity. In the 1948 loco trials the Merchant Navy, still at 280psi, was noted for excessive coal consumption, the opposite of what might be expected.
Tuplin, no mean mechanical engineer, in a number of his books was very dismissive of high boiler pressure and gives one plenty to read about the subject.