To Include or Not To Include Titles

What is the latest UX research around prompting a user for their title e.g. Mr, Mrs, Ms, Dr, ....?

Some clear advantages and disadvantages are:

Advantages:

  1. A certain subset of users will feel they have been considered in terms of their title e.g. a doctor, or a judge... and this will reflect well on the website and the business.
  2. May give the website/business an impression of professionalism and formal nature (some businesses may want this)

Disadvantages:

  1. The speed of the sign up journey will be compromised because the list of all the different titles is very long.
  2. Increased cognitive burden could lead to decrease in the number of users signing up

It would be good to get a community census on this topic so I would be grateful if you could add to the list of advantages and disadvantages in your answers.