Advising college students about whether to take classes pass/fail
Unfortunately, at the current time, a student would be making a decision with incomplete information. I'd be more interested in how graduate schools will treat such grades and I don't know of any who have stated a policy yet. I'm pretty certain that employers haven't really even thought of it yet. 

I hope, of course, that they (grad schools and employers) will be reasonable. I also hope, of course, that advisors will be able to give good and accurate letters of recommendation for students no matter which way the students choose on this question. 

But there is a vast amount of disruption even beyond the obvious. Expect that even good students will have trouble keeping up to their normal standards. It will require a lot of ongoing support. Some students are stuck in travel-hell. Some will lose family members. Some will have poor connections to their universities. Much, much more. 

So, at this time, it is hard to recommend one choice over the other. What is sensible to do now, with available information, may prove sub-optimal when the policies fall in to place. 

But you can lobby your own institutions for the quick creation and dissemination of reasonable policies. It is probably required that the whole academic establishment come together with principles. The current mix of policies may actually be adding to the chaos while trying to solve the issue individually.