Neighbors have had outdoor cats for years. They crack the garage door to let them in for food daily, and to let them in the garage at night in winter, but otherwise, they're on my property more than their own, probably because neighbors have noisy kids that don't watch where they are going, so the ratio of finding prey vs getting stepped on is much lower there. There are owls and turkey vultures around all the time, but they don't mess with anything larger than a kitten.
They do not keep my property free of pests. Despite seeing the cats several times a day, I still have chipmonks (that hide well), constant squirrels, and occasional field mice. Granted there is a field adjacent, and plenty of trees, so more habitat for them to survive in before spilling over onto my property. The cats don't roam the field much because that is goose territory, too many geese to gang up on the cats.