One disadvantage is with an image already printed on the canvas it can be difficult to cover some areas if the print was dark without gobbing on too much paint. Like painting a wall, you'll need 2 - 3 coats to completely cover the previous wall colour. You can't do that with canvas since many of the paints are not very opaque. In this case I will usually coat the canvas with some black gesso and begin a painting on a black canvas. Black canvases make for some striking effects that just can't be achieved on a white canvas.
Inkjet canvas costs more than artists canvas. I will only use inkjet canvas for an oil or acrylic painting if there are serious issues with a canvas print that I can't touch up. For instance, once in a while one of my printers will randomly spit out a few black dots on a print. Of course it always happens in the light areas of the print like in a sky or on someone's face and then it can't be touched up without being noticed, at least by me but I'm a perfectionist. So then I'll just wrap it around some bars and paint right over it next time I need a canvas. It doesn't happen often, but on occasion it does.
But other than some mishaps on the inkjet canvas that would otherwise be tossed out, I would not normally paint on inkjet canvas just because of the higher cost. But to sum things up, yes it will work just fine and I have been doing this for 10 years without any problem to date.
