Personally, I think the pros of hiding navigation far outweigh the cons:
- uses up paper real-estate
- not very useful on paper
I think these pros you list are facts, not just opinions. They weigh a lot as such. Now let's look at the cons:
- keep look and feel of page
Whenever I print something from the Web, more often that not I do it because of the content. In fact, I can't remember a single case of printing something out because of its look and feel. If anything, I'd just take a screenshot.
- helps indicate which (sub-) page is being printed
Most, if not all, browsers by default include a URL on each printed page. I can later navigate to that URL if I want.