Pragmatic has a different connotation in this particular instance I think.

Suppose one lives in a Marxist-Leninist dictatoriship. Studying the works of Marx and Lenin brings advantages beyond self-improvement or perhaps even pleasure as some appear to be arguing.

I found it interesting everyone missed this dimension of the question. In this light I would advise that one should also study some works Christian theologians (many are arguably in the realm of philosophy), Plato, Aristotel, Ibn Khaldun, Descartes, Rousseau, the British Empiricists, the great German philosophers, the foundations of Liberal and Utilitarian tought, a pinch of Marxist tought and a fistfull of Libertarianism.

Upon reading this I realized I simply proposed a abriged history of European philosophy. And thinking about it that is basically right.

The benefits: Primarily status signaling. Winning debates also becomes much easier once you have the templates of the basic argumetns there as well as heavy weight thinkers in each of those categories in its place.

Drawbacks: Cost in time and intelectual energy

I have a guess:

Let's say that studying philosophy is gratifying in and of itself. That would make the study of philosophy an intrinsic good. There might be some parts of philosophy whose study yields an instrumental good. These would be the "pragmatic" parts.