If you are recording to break into the music industry, be aware that most industry professionals will scrutinize your work down to the minutest details, i.e. sound quality, talent, recording levels, etc.
For example, using a Korg or a Roland keyboard, you could produce any type of instrument and feed your tracks directly into a Protools track. You could even tweak the notes if you're not satisfied with your abilities. There again, you're sacrificing your time to get exactly what would most benefit your final output.
From a professional standpoint, the options are an either/or situation. Either you have what it takes to put a project together or you are wasting your valuable time and it is more cost-effective to use a professional studio which uses studio musicians.
What about the sound of that plane that just flew overhead? No kidding, barking dogs, planes, all kinds of noises need to be considered when you're recording at home. So, sound proofing is another aspect you must consider when weighing the pros and cons of having your own studio versus recording at a professional facility.
If you choose to do your project in your own studio, you will need to be a good recording engineer, with ears and know-how with regards to mixing tracks.
Protools is a great program and a lot of fun to work with, however, it is like the old adage about computer code "garbage in, garbage out". It will either work for you or against you.
In the long run, the choice is yours. However, when trying to break into the music industry, using professional sources is worth the investment.