If rapid response is needed or you want automatic recording and/or transmission, vibrating wire piezometers are a good choice. If not, I prefer open standpipes because they can be checked using falling head tests, serviced by surging and flushing, and may have a longer life. A vibrating wire transducer can be hung in the standpipe for automation or remote reading.
30 to 50 years ago, most open standpipes had galvanized steel risers, which have suffered a lot from corrosion. In particular, risers that begin in soil and then pass through a concrete structure tend to rust through just below the concrete. I have not seen much problem with PVC risers unless the embankment underwent substantial settlement.
Freezing should not occur below the frost line. If the water level is within the frost zone or above the ground surface, insulation is necessary. Some have used a layer of non-freezing immiscible fluid on top of the water, but I have not tried it.
I was a fan of pneumatic instruments some years ago, but I think the VWPs are a better choice nowadays unless you have an unusual situation.
All types are capable of failure or unreasonable results. Be skeptical.