The downside would be eradicating too many of the smaller lifeforms in the tank, theoretically... (everyone has theories)
But overall peroxide is used for various things. Some use for cheap ozone, some use as an algae preventative, some use as a cheap coral dip.. I myself have had great luck with spot-spraying rocks to kill off a patch of algae. Bryopsis is tougher and requires repeated applications.
I recall a thread on here or trt, a guy did general broadcasting of peroxide in the tank, it did minimal to algae that way. But I recall seeing a label for a peroxide tank in a fish store in the UK in a youtube video, the ml dosed was pretty high and it was like 45% stuff, not the normal walmart peroxide..
Anyways, the guy in the thread did various testing scenarios, the most effective, which I agree, is spot treatments outside of the tank.
There was also another guy in the UK that detailed his experience, ultimately he did no more than 10ml a day, in the tank with the powerheads off for 5 mins, and squirted with a syringe directly onto the bryopsis area, aiming for the roots. This allows the bubble you'll see to stay on the area when there's no water flow.
If I ever add it to the tank, my longspine urchin freaks out for a sec and runs across the tank. Never seems to bother anything in the tank beyond the urchin. And the urchin calms down after 30 seconds.
I find it to be the most effective method for algae cleanup if the need arises. A quick dip of frags in a weak solution will also allow for cleanup of inherited dying frags that are overgrown with algae..
