Here would be my 2 cents on what I found pro and con about the mediums you mentioned:
Oils:
Pro
• You can work and blend longer because it stays ”open”, or wet longer.
• You can cover easy without colors under ghosting through, it is very opaque.
• Oils are very lightfast so you don’t have to worry about your paintings fading over time.
• You don’t need to frame behind glass.
• You can correct mistakes, take out or alternate parts of the canvas, or scrap off areas of muddy colors.
Con
• It stays wet longer, even when you are done; you have to wait to frame it.
• Some people do not like the smell of the linseed oil and other mediums used for thinning, blending, etc.
• Cost can be quite expensive for good quality colors, brushes, and canvas.
• I find oils really work best on canvas.
• If you are not good at mixing colors you can get muddy colors pretty easy.
Acrylic:
Pro
• Fairly cheap, even for quality colors.
• Dries fast.
• Can cover mistakes easy.
• Fairly opaque.
• Cleans up with soapy water.
• Permanent, and waterproof when done.
• With proper prep and finish, can be painted on a wide variety of surfaces.
• Can be airbrushed.
• Can be framed the same day as completion.
Con
• Outside of airbrushing blending is slow and best done dry-brush.
• To make the colors ”pop” you need a clear water varnish or some other finish.
• Dries too quickly unless you use a medium to control the dry time.
• Harder to keep brushes in good shape especially if you miss any paint in cleaning.
Water color:
Pro
• Very quick and fluid.
• Can be airbushed
• Less material to take if working plein air.
• Needs quality paper or the work will suffer.
• Brushes very expensive (you don’t want the cheap stuff).
• No need to frame behind glass
• Better for small paintings.
Con
• Hard or impossible to hide or correct mistakes even with high quality paper.
• Can only be done so large, limits in size.
• Takes more skill than the aforementioned mediums.