Let me just answer as a user of web pages. I don't have UX designer research to back me up, just this personal raw emotion and experience as an (admittedly maybe unusual) end user:
The very thought of infinite scrolling invokes visceral rage as a first reaction for me [rage-rant omitted for brevity]. When I find that a page has infinite scrolling my immediate thought is "Oh great, I sure hope I never ever need to actually go 'down' very far".
I think infinite scroll doesn't inherently have to be bad, but I think the following questions are worth asking:
How likely are your users to want to go back to a specific point in the content? If so: Do you have a good search feature (specific to your content, for example, a search by time range for content that has a clear chronological ordering) that can fulfill such needs? Do you have a way to bookmark a specific spot in your infinitely-scrollable content?
How big is your content, in terms of screen real-estate? Sometimes, I'll be on a social media site, wanting to catch up on all new things in my feed/watches/subscriptions/whatever: If the content is large, just the sheer scrolling gets annoying, and it also makes it harder and more time consuming to find exactly the thing I'm looking for it I want to come back to it.
How big is your content, in terms of actual computer memory consumption? One time I wanted to go back through a couple of years of posts on someone's Instagram account: Halfway through, my reasonably high-end computer was starting to lag on that web page, because when you infinitely scroll, you probably aren't unloading the content at the top (Instagram sure wasn't) so my browser was accumulating gigabyes of image data in memory.
In summary: Is your common usecase overwhelmingly in favor of a casual perusing of some data-set larger than a single page, but not substantially larger?
Disclaimer: I know I'm weird. My personal preference will almost always be pagination. The way I browse the web pagination is more pleasant to me than scrolling. I don't expect the world to align with me. I just would like an option to use pagination on pages that matter to me (sadly I often don't), or at least some way to go back or find a specific spot in the infinite-scroll if that's what I must contend with.