Mono

advantage

• Reducing background noise and capturing a voice in the clearest -> usually used for voice recordings or podcasts
• Hears the same audio at the same volume for a more balanced and consistent listening experience as they move through the space -> better for background music, particularly when you have multiple speakers (like in-ceiling speakers) covering a large area or where there may be many speakers, with no clearly defined left or right speakers

Disadvantage 

• Sound flatter and less detailed
• Low frequencies (bass) sound especially less dynamic
• Has a narrow soundstage

Stereo

advantage

• More realistic and immersive listening experience and can make wider, more dynamic soundstage -> Recording format for music, films, TV, and video games

Disadvantage 

• Mask issues in the equalisationof the different components in mix
• Phase cancellation 

Review

Mono will be good to use at recording voice or solo instruments and for wide place with no clearly defined left or right speakers. However mono is not good for making music which has to offer spatial sound to audience. In the other side, Stereo can be used for making the music, but sometimes getting problems in mix and mastering section.