The optimal strategy changes based on table dynamics. Cold-calling leaves you with a capped range, susceptible to getting squeezed, and gives the remaining players better
odds to call behind. The upside is you'll get to see cheap flops with speculative hands, and potentially induce calling mistakes from weak players.
In most circumstances (blinds, bet-sizes, ranges and rake), solvers do very little cold-calling and the EV gain from complicating a pre-flop range by allowing cold-calling is just not worth it (this even holds for the BU btw the only exception being the big blind). If you're not a computer, defaulting to 3-bet or fold strategy against competent players is the safest option.
Cold-calling becomes significantly more profitable if the remaining players left to act are weak passive players, as you'll be less likely to get squeezed, you'll get to see more flops against weak players, and you'll win more post-flop because you'll likely have a skill edge. So consider cold-calling if the remaining players don't 3-bet enough, call too much pre-flop, and play passively post-flop.