The trade off basically is HDRP has more graphical features built-in, 

comes with the engine and isn't held back by weak platforms such as mobile. 

Performance requirements are a bit higher. Development is a lot faster 

compared to URP.

​

URP, less so, more of a blank slate but it's also more customizable 

(especially when it comes to lighting from what I hear, where in HDRP 

it'd be quite a bit tougher) URP would probably be a good choice if 

your a shader wizard and plan to make many fancy graphical features 

by yourself. URP also supports Switch, mobile. And has less CPU overhead 

compared to HDRP, this becomes less important once your project passes 

a certain size/performance threshold.