Do I really need to become British? What are the benefits of British citizenship?
Settled status is Indefinite Leave to Remain (ILR) under the EU Settlement Scheme, which allows you to live indefinitely in the UK without immigration restrictions.
However, you lose your settled status if you spend more than 5 continuous years outside the UK.
There are no such restrictions if you become British.
British citizenship also gives you the right to apply for a British passport, which can then be used as a physical proof of rights - such as the right to work or right to rent.
In addition, British citizenship gives you the right to vote in general elections and referendums.
Applying for citizenship is a personal choice that involves you balancing the costs and benefits of this process.
the3million Young Europeans have created a document which gives more detail: http://www.t3m.org.uk/t3m_YE_BarriersToCitizenship_Cost