What Is the Main Drawback of a Delta-Neutral Hedging Strategy?

The main drawback of a Delta-neutral strategy is that it only hedges against small, instantaneous movements in the underlying price. It does not account for the acceleration of Delta, which is measured by Gamma.

Since Gamma is constantly changing, a large move in the underlying asset will quickly make the position non-Delta-neutral, requiring frequent, costly rebalancing and potentially leading to losses.