Because it is so easy to do, lots of people crank up their keys. Since they are cheap and everybody sells them, lots of people use lifting keys. Either one will mess up the suspension and make the truck less stable, less controllable and will wear parts faster.
The stock suspension is designed to change the camber so that the top of the tire moves in when the suspension extends and compresses. This keeps the tire contact patch in the same place so that the tire doesn't have to scrub sideways every time the suspension moves. When you mess with the keys it changes this action and the tires wind up skidding sideways a little every time the suspension extends or compresses.
If you only raise or lower the truck a little, say an inch, the effect is small but if you go much further it becomes more and more pronounced. If you try to raise the suspension to clear very large tires on over-sized wheels the cumulative effect will be negative for ride, control, safety and durability. That isn't to say that the truck will fall apart, break your spine or kill you the first time you drive it. It is a matter of degrees.
The good way to lift a truck is to cut off the original suspension and weld it or another suspension lower on the frame. If you do it right the engineering remains correct so that it works properly. This would be expensive though so few people do it.
The alternative is to swap in some aftermarket parts that reduce the negative effects of lifting. Among those effects are the location and travel of the ball joints. The UCA does not mount level on the frame. It is slightly higher at the front than it is at the rear so that when the suspension compresses the ball joint moves backwards a little. This increases castor and trail to compensate for the tendency of the truck to dive under braking.
A lifted truck with stock UCAs will have excessive castor and trail unless it is realigned properly but then it won't change the castor and trail as it is supposed to do. An aftermarket UCA can reposition the lifted ball joint so that it is in the right place with more normal alignment settings.
Additionally the stock UCA holds the upper ball joint so that it will have full travel in normal use. When the truck is lifted much of the extension travel is used up by the lift. The ball joint will not be able to bend enough to allow full suspension travel on a lifted truck. An aftermarket UCA will re-angle the ball joint so that it allows full suspension travel. The lower ball joint doesn't hit this limit until you lift it a bit further.
A better way to lift a truck is with new knuckles. You can get several inches of lift by having the hub mount lower in the knuckle. Then a couple of inches of lift in the tires and wheels and you may have all you need. Knuckles are not all that expensive.
I'm not recommending anything in particular but here is a kit for a reasonable price that goes with knuckles: https://www.americantrucks.com/rough...ste-chevy.html
That kit is for a 1500 so it doesn't directly apply but if you look you will find something that does.
The front axle shafts work best if they are level. Lifting the truck causes them to bend down a bit. The more you lift the worse it gets. The CV joints in the shafts have ball inside that transfer power from one side of the joint to the other. When the shaft is straight the balls hardly move but when it is bent they move a lot. The more they move the faster they wear.
CV joints have limited flex. It is sufficient for normal use but when some of it is used up to compensate for the suspension being lifted then there is less left for steering. What can happen is that the joint will reach it's limit in a turn and then you will go over a bump that either causes the wheel to turn a bit more or the suspension to extend further. The result of a joint in bind that is forced to go further is a multi-piece axle shaft that doesn't transmit power any more. The fix is to relocate the front differential so that the axles are level most of the time.