(I would say that it is conceptually perverse for a client of a system to have authority over it. Specifically, for a database client to define its schema.)
This is where migrations also become sort of annoying. Because if you use them. Then it is harder to fix the mistakes since you can’t just change your DB without using the ORM or you’ll typically break your migration stream or at least run into a lot of troubles with it.
And what is the plus side of having a code-first DB really? You can fairly easily store those “alter table” changes as you go along and have full availability of history in a very readable way that anyone, including people not using C#, Java, Python.
Which is the other issue with ORMs. If you have multiple consumers of your data. Then an ORM most likely won’t consider that as it alters your “models”.
For a lot of projects this is a non-issue, especially at first. Then 10 years down the line, it becomes a full blown nightmare and you eventually stop using the ORM. After spending a lot of resources cleaning up your technical debt.
The benefits should be obvious if you've used ORMs. They are an object that represents your database data in code rather than in a table where you can't touch it. If you have code that brings data from a database into code, congratulations, you've implemented part of an ORM. Having the data model defined "in code" treats the code as first-class instead of the SQL, which makes sense from an ergonomics perspective, you will spend much more time with the code objects than you will the SQL schemas. Either way, you will have two versions: a SQL version and a code version. You might as well get both from writing one.
If you can read alter table in SQL, you can probably read migrations.AddField in Python, and whatever the equivalent is in the other languages. I still am waiting with bated breath for the problems with much maligned (by some) ORMs to arrive.
I’m not really against ORMs as such. I’m not a fan of code-first databases for anything serious, but as far as CRUD operations goes I don’t see why you wouldn’t use an ORM until it fails you, which it won’t in most cases, and in those cases where it does… well similar to what I said earlier you just wouldn’t have build it to scale from the beginning anyway, and if you had and it turned out it didn’t need to scale then you probably wasted a lot of developer resources to do so.
This is compatible with the OC suggestion of using ORMs as a "fancy query builder" and nothing more, which I strongly support.