It depends
You can still do some work, usually walking, on most any footing, assuming no injuries. But for example if “no footing” means just a pasture, that has major disadvantages as well. Dry ground with grass can be pretty slick, actually, and if it’s too wet you’ll tear it up
Sand is good too, but in my opinion it is hard to maintain if you don’t know how to do it right.
All footing should be dragged regularly, varying the pattern, not worked on when it’s too wet, not be too deep (which is relative to the material), not too shallow (don’t want to punch through to the base), and all has to be topped off at some point. Angular sand is very good - pros and cons, just like all of them.
I’m kind of curious of others opinions on what the best footing is for when my unreasonable dream of buying a huge farm comes true…like I’d be able to afford footing afterwards.
Start saving now LOL Depending on the lay of the land, your cost can be mostly in grading, mostly in the base and top footing brought in, or more or less evenly split.
I have a bluestone/screenings/stonedust top footing, which is great…until it gets too dry, then it’s really dusty. It can get pretty crunchy if it gets waterlogged and then suddenly baked. Angular sand wouldn’t get quite so dusty because the particles tend to overall be a little heavier. I need to add some footing to my ring and am seriously considering 1" of angular sand to just put on top and get mixed in with riding.
Your base is critical too. You can do the stonedust or, as I have, washed sandrock. It has to be rolled and tamped to concrete-like hardness, don’t skimp on that. The sub-base has to be the same.
Prices vary a LOT based on the quarry, proximity to the quarry, how big your supplier’s truck is, how much grading you have to get done, etc.