Tubes in the ears have been done for decades. Most if not all problems can be anticipated because of years of experience. Be certain a specialist with a history of doing so, performs the procedure - ask what the MD's success rate has been and for how long of a time-frame.
Tubes are an aggravation. It is one more expense in cost and time-wise.
Kids are awful about keeping the lambs wool plugs and bathing caps on.
Yes, they fall out, for various reasons. A big one is that the kid is growing and sizing needs changes.
And yes, you just might have to pay with money you had hoped to use for recreational expenses.
It still boils down to this: the risk becoming hearing impaired is greater. Do you really want to subject your child to being under-educated, under-employed with fewer lifestyle choices as an adult because you decided against tubes? Being hearing impaired or deaf is no cake-walk through life.
When tubes are inserted, you keep the appointments in a timely manner. You watch for side-affects.
As a deaf adult, I can honestly say to you - why place your child at risk when there is a legitimate solution?