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Potentially helps the owner get a bit richer. If they're the only ones active politically, that can have advantages, but it's really minimal for the massive tradeoffs.
For this reason, unless you really want to be a a-hole, you should abolish slavery and serfdom asap.
HOWEVER, landowners can be real radicals when you try to do that too quickly.
I guess this game doesn't really showcase it accurately or fairly - and I understand why (modern day politics.) but why then include it at all if it's just a pure 100% drain? I don't think any player who cares for market expansion cares so much that they're 'freeing the people', they're just exploiting them (Ironically what slaves being freed is supposed to stop.) in another, different way.
At least if slaves didn't get annual wages you could kinda have an argument for keeping it, but if then they had no income to buy goods they'd drag your country down. :/
So yeah, in-game, just free them, so you can tax them.
But might still be better to have higher SoL and more fertility. Not sure how quickly they bring in slave pops.
But I've had states where they seemed to buy slaves instantly, before the patch, getting thousands of people to fill the slots in farms where they could work.
But I've had some states too where they just can't populate farms and can't seem to import slaves either, so it looks kinda unreliable.