I’ve been down this road repeatedly. Two years ago I gathered things to consider when building an infinite scroll and it still proves to be an effective checklist: http://adrianroselli.com/2014/05/so-you-think-you-built-good-infinite.html
I’d like to address your “pros.”
#1: ‘User Engagement and Content Discovery’ generally only holds true for inline engagement, not for ongoing or shared engagement. It can be hard for users to pick up where they left off or to pass along what they find.
#2: ‘Scrolling is Better Than Clicking’ suggests desktop users have scroll wheels and touch displays. Not all do, certainly not Mac users. The article you cite with the link addresses scrolling below ‘the fold’ and makes no statements about a paginated interface nor any comparison.
#3: ‘Scrolling is Good For Mobile Devices’ is demonstrably not true and you admit as much in your con #1. While the screen size demands a scrolling interface, that does not mean an infinite scroll is ideal.
Your post also completely fails to consider the impact of infinite scroll on users with any kind of disability. Frankly, if you are claiming to review any interface from a UX perspective and you fail to include the impact on disabled users, then you aren’t really doing UX. At least not correctly.