There is a real downside beyond electricity, and it is the one nobody mentions: colder air holds less moisture, so a colder freezer dries food faster.
Freezer burn is not the food freezing too hard, it is water leaving the food and refreezing on the packaging as frost. The drier the air in the cabinet, the stronger that pull. At −25 in a frost-free unit — which deliberately cycles warm to defrost, then re-dries the air — poorly wrapped food will develop freezer burn noticeably faster than the same food at −18.
So the answer to question 1 is: the cost is electricity plus a mild penalty on anything not sealed properly. In a chest freezer without auto-defrost this is much less of an issue than in an upright frost-free one, so your setup is the forgiving case.