Hi! I've so far had had to spay 6 sows in all for medical reasons; apart from the first one 10 years ago who never woke up from her misjudged GA (which taught me the importance of finding a good operating vet!) they have all made a full recovery.
I have lost one sow to a burst cyst; she had been assessed as a low risk sow some months before. One sow I lost to an internal growth which could have been a cancerous cyst or a tumour; it was sitting quite deep and not very obvious. But out of the roughly 70 piggies in my life so far, well over 50 have been/are sows.
Until now the operation risk/benefit balance is not so well coming down on the side of spaying that I would recommend it without hesitation. We have seen not so long ago two members' sows die from spaying complications. It is still a major operation that I would only recommend as an elective operation if you have access to a vet who is experienced and confident with it. It is also not a cheap operation, which is another consideration for many owners. Unlike rabbits, there is not the medical life-saving urgency in guinea pig sows.
Yes, most older sows will have ovarian cysts but the overwhelming majority will be non-hormonal fluid filled cysts that only cause problems when they grow too large and push on other organs. The 'classic' hormonal cysts are less common. Some of them can however turn cancerous in later life. I had to have one of my sows spayed last year because she had the kind of hard cyst that could have caused problems at the age she is now (6 years, coming up to 7 years). Another sow needed an ermergency spay when her womb went wrong, but she was found to have some rather nasty looking cysts, too, so the spay was a good decision. My other 4 spays were all because of large, fast growing fluid-filled cysts around age 4-5 years. That gives you perhaps an idea of the contribution.
The vet I use prefers spaying to hormone treatment, but he is a very good operating vet so I am happy to go along with it when removal of large cysts or very disruptive behaviour means a happier and longer life.
There are now some less invasive alternatives available. You can find out more about them in this guide here:
Sows: Behaviour and female health problems (including ovarian cysts)
There seems to be currently a strong push for elective spaying coming from especially the USA. However, I would only opt for it if the benefit/risk ratio feels right for you and if you have full trust in the operating vet.