My PCP gun is an Air Arms S-500; so mid-range as far as price goes.
I didn't skimp when I bought the rifle or the associated gear such as air tank and optics; but I have a lot more money in the air gun than I do in my .22s and the suppressors. That being said, you don't need a tax stamp for the air gun and thus you don't have the significant wait time waiting to get the stamp.
Depending on your circumstances, getting the air tank filled is sort of a drawback. Unless you spend a significant amount of money on an air compressor capable of the pressure you need for these guns, you need to find a place to fill it. And I have had occasion where I wanted to shoot and my air tank was empty (I guess this would be the same as wanting to shoot and not having ammo). In my case, I am a retired firefighter. I live in a small town where the guys at the fire station know me (I am not retired from there,but..........) and they fill mine. Most guys go to a dive shop to get their's filled, which here is about 35 to 40 miles away. The air tank I have will last for a couple months at the rate I shoot FWIW but it wasn't cheap. Even the cheap ones, arn't cheap. FWIW: these PCP airgun compressed gas cylinders are the same thing used in firefighter's SCBAs.
The air gun is nice in that it can much more safely be shot in the basement/garage regardless of weather or in the backyard with less of a backstop than would be safe with a .22. I wouldn't want to shoot a .22LR in my basement mainly because of the smoke/lead contamination.
Relatively speaking, I would say the sound of the report of each is about the same.
My air rifle is SIGNIFICANTLY more accurate than any .22 I ever fired. I shoot mostly at an indoor archery range (no wind, constant temperature). If I am on my game, I can shoot groups at 30 yards the size of a single .177 pellet. One hole at 30 yards.