It depends on the feel you want for a show. For instance, Brooklyn 9-9 tries to make itself appear serious and keep a good pace flowing while it is actually pretty zany and wacky. Adding a laugh track, either canned or from a studio audience, would make it a completely different show.

Red Dwarf, probably my favourite show, has a studio audience (which I was part of). This show uses little jokes a lot, then big jokes infrequently. In series 7 they tried it "canned" and released a version with no laughter. It was awful.

I favour it, depending on the show. Most of the comedies I watch have one, and were recorded in front of a studio audience (or an audience shown the bits that they couldn't see live in a studio).