Natural rubber latex is tapped from Hevea trees and vulcanised into gloves, balloons, condoms and elastic. It is the only mainstream stretchy material (elastomer) that can biodegrade, but how fast depends on where it ends up.
It replaces nitrile and vinyl gloves and synthetic balloons and elastics. Trade sources report latex gloves composting within about six months, whereas nitrile does not biodegrade; nitrile's advantage is avoiding latex-protein allergy.
Balloons are different. There is no evidence that latex balloons break down in the sea. In a 2021 study by Australian researchers, balloons kept in seawater for 16 weeks kept their original shape and size. They grew weaker but did not meaningfully break down, and they did no better in fresh water or compost. Meanwhile they kill wildlife: a 2019 Australian study of 1,733 seabirds found that a bird that swallows a piece of balloon is 32 times more likely to die than one that swallows a piece of hard plastic. So never call a latex balloon biodegradable or harmless, and never release one.
For gloves, end of life is biodegradation in soil or compost. Cost is comparable with nitrile.
Drawbacks: latex allergy; balloons do not break down in the sea and kill wildlife, so never present latex balloons as harmless; rubber plantations carry deforestation risk, so require supply certified by the Forest Stewardship Council (FSC) or the Global Platform for Sustainable Natural Rubber (GPSNR).