I'm thinking of getting an E2 for the PS4 because it should be better than any scuf, etc. The question is can I play it wirelessly on the Playstation. And if so, what are the disadvantages (if any)
Ne is impossible
Unfortunately, from a software point of view, connecting the Xbox Elite Series V2 controller to your Playstation 4 is not possible.
On the hardware side, the Xbox Elite Series V2 controller supports Bluetooth and can also be connected to any platform, but Sony has built in a blockage that prevents Xbox controllers or Nintendo controllers from being used on their platform. Sony doesn't want to have any competition that could surpass them by worlds.