What do you think about cycling between weightloss and maintenance?

The only con or pitfall I can think of is that it will take you somewhat longer to get to your ultimate goal weight. As long as you're not currently at a weight that all by itself creates health problems or major risks, that's not a meaningful difference, IMO, if the process works well for you.

There can even be benefits for weight loss and health of eating at maintenance periodically during weight loss, discussed more in this thread:

http://community.myfitnesspal.com/en/discussion/10604863/of-refeeds-and-diet-breaks/p1

Besides that, I think there's value in "maintenance practice", at minimum as goal weight nears, but I can see it as helpful in general (throughout weight loss). Since statistics suggest maintenance is more challenging for a lot of people than loss, figuring out habits that will be easy for you, sustainable to keep weight off long term - that can be valuable. (Figuring out maintenance habits ahead of time is one reason I think I'm still at a healthy weight 5+ years after initial loss, though I didn't take diet breaks to do it, I just worked on the habits while keeping a moderate deficit).

Seems like a good plan to me.

I think it's an excellent idea and a good example of planning ahead rather than relying on the fleeting resource of motivation to white-knuckle your way through.

Too many people seem to go out of their way to make dieting as hard and unpleasant as possible and get to the point where it all becomes too much - "perfect" right up to the point where they completely fail and regain anything they managed to lose.

If your sustainable fallback position becomes weight maintenance then any time you can achieve a deficit you are progressing and, to me, direction is more important than speed.

Oh and something else that sort of but not really fits here that I found useful:

There are times I don't officially eat at maintenance, but where I set my MFP goal to maintain and then just eat 'less than that'. not by a particular amount just anything between 1200 calories and less than maintenance. ..actually right now that's basically all the time. Sometimes I'm 500 calories under it, sometimes i'm 10 calories under it, gives me a lot of freedom and flexibility in dealing with days I'm inexplicably STARVED versus days I'm not as hungry. Which also makes things easier.

And I am a big fan of making this stuff easy.

I wholeheartedly support this approach of taking planned maintenance breaks. I'm almost 2 years into my diet & have lost 87 lbs, so it's been a long journey with some ups and downs, but I have been pretty consistent most of the time. During covid (March 2020 to a month ago) things got a lot harder for me, due to boredom, nothing much to do besides eat, etc. I gave back 11 pounds at one point and it was very hard to get back on the train, but I finally did. Seeing things starting to fall apart and getting into bad binge/restrict cycles, I decided to take a maintenance break over the summer and ended up taking most of the summer off. After gaining a few pounds over the first two weeks, I got mentally organized for maintenance and didn't gain another ounce the whole summer, chugging along happily in maintenance mode. When I finally got reengaged with the calorie deficit, I was ready to dive back in with renewed motivation. The maintenance break really, really helped.

As mentioned above, the only real downside is that it slows down the weight loss project, which isn't really much of a downside in the grand scheme of things.

I would say the other downside may be that it is not as easy to eat at maintenance as it looks. In fact, for me, it's easier to eat in a deficit. Maintenance requires just as much if not more vigilance, and slippage on the calories can be insidious and really start taking chunks out of your hard won gains. You REALLY have to have a plan, and a calorie target, and stick to it at least as hard as when you're dieting, to make maintenance work.