Longer series are easier to advertise at a profit. To an extent. Yes, you have more books worth of sell through. But you also lose a few more people every book. Which adds up.
With a cliffhanger series, you have fewer entry points. With a series of standalones, same deal long term. (Short term, you can advertise new books as standalones, but when readers see #3 or #6 or whatnot, they assume they need to start at one). It's also much hard to keep your series tightly connected. So you start getting less sellthrough from new books to older books.
You have the same problem of less entry points.
IMO, 4-5 is the perfect series length. It's a great compromise between profits advertising book one and fresh content. Readers do get tired of series. At a certain point, each new book will do a little worse. I just finished an eight book series. All of the books have done well, even the one that flailed at launch. But after two years of heavy ads, I've exhausted a lot of the audience for book one. And I started to see a decline around book five or six. It wasn't a huge decline, but I did see the new releases doing a little less well. As if people had gotten tired of my series. (And I switched up my covers with book four). I also got less and less sellthrough with every book, since I was further and further away from the first in series. And I'd exhausted more and more of my audience.
There's also the burn out factor. At some point, I was a little tired of my concept.
It's not a cut and dry think. It's somewhat risk management. Do you prefer the sure thing or the risky bet? A new book in a series is a sure thing. Lower ceiling, lower floor.
With a totally fresh book, you have a new chance to hit... or flop.
I spend thousands advertising my series. And my new releases. I spend a lot on advertising, in general.
IMO, the key to backlist series ads is a very strong book one. Great packaging, great hook, great set up of book two. Unfortunately for me, my two strongest performers have the worst set up of book two. There's really no way to correct that with a small rewrite, so I'm focusing on setting up book two very well for future series.