Need help with understanding the pros and cons of geometric and stochastic based channel models. Which one s preferred under which conditions?
There are pro's and cons of predictable and unpredictable noise models.  Each can respectively give an estimate of packet loss with tolerances or a probability curve. But there are always exceptions from Doppler velocity and Rician Fading due to reflections or NLoS paths.

A sensor-based Doppler-shift prediction and compensation approach outperforms a benchmark least-squares channel estimation with linear interpolation algorithm.

Due to NLOS, multiple copies of signals arrive at different times with different amplitudes. This results in ISI/ICI. This problem is avoided with the use of OFDM and OFDMA techniques along with cyclic prefix. The cyclic prefix length is kept greater than delay spread value to overcome ISI/ICI. REF