Multifaceted ramifications of integrating connected and autonomous vehicles (CAVs) into the transportation systems pose a complex puzzle, with no easily discernible solutions regarding their impact on traffic efficiency and safety. Arriving at a clearer understanding requires exhaustive assessments of the performance of mixed traffic involving AI and CAVs is imperative, as it holds the potential to furnish invaluable insights. The role of connectivity looms large in this context, as it wields the power to substantially enhance both road safety and traffic management, with spill-over advantages affecting congestion mitigation and, conceivably, air quality improvement. It is essential to recognize that the adoption of connectivity also ushers in a new set of challenges. These challenges encompass issues related to technology compatibility, safeguarding data privacy, and fortifying defenses against cyber threats. The knowledge generated from this comprehensive evaluation of CAVs can be harnessed to benefit stakeholders within the automotive industry, academia, and policymakers.