Compare it to other models. Donations don't work at all, they just make developers downhearted. Ads are huge betrayal of user's trust (and hard to do across platforms). Freemium is based on addiction-forming patterns. Commercial products create walled gardens for privileged, they severely limit adoption rates and they are reserved for first-comer (PICO-8).
> For users who can't spend the money, we made it easy to build the pro version from the source code.
I may be revisiting this because Android is now requiring AABs for all Google Play apps.
TIC-80 is less restricting: more languages (Lua, MoonScript, JavaScript, Fennel, Wren), custom color palette, higher res, and widescreen. The main advantage of PICO-8 is its community, which is the biggest of all "fantasy consoles", which means more help, more examples, and more released games.
I'd personally go with PICO-8, because it's more restricting, and thus allows for a better focus (IMO).