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If they invited you joining probably is better than not, which means you wanted to be part of the team. The pros are you get to socialize the cons are you might end up sharing too much private info about your life, so just take it easy go show your face and come back.
I mean, each company party will have its pros and cons for going. My holiday party was yesterday and it was fine. We just went to a karaoke bar and had dinner. I only stayed for like an hour and a half. I don’t like to socialize outside of the work, but it does look good to show up to the holiday party so that’s why I went. I suggest if you go to yours to not drink too much and leave if stuff starts to get too crazy and just get credit for being there.
My company only ever does catered holiday lunches held on site during work hours. Never a corporate holiday party.
I personally don’t like devoting my off hours to work events, so I like this setup better.
Rising Star
We socialize and eat dinner. My manager will get up and give a short speech, but it's pretty low-key and only includes our department.
Totally up to you, I think saying you were busy or already had some plans would be fine. However we have a Christmas party and I actually enjoy going, good food and I like a lot of the people I work with. Could be decent, but you never really know until you go see.