What to use – Laravel or WordPress for a CMS project? Well, it depends on specification and budget. For really low budget WordPress is by far much much better option. You can save huge money on design/layout, and you can find really good and not expensive web hosting for WordPress projects starting from about £30 – £40 per month, with staging.
Much depends also on project functionality, and sometimes a combo of WordPress with Laravel could be the best option, with WordPress on front end interface, and Laravel doing some more advanced back end job. In general Laravel developers say that Laravel is faster, and probably in general it is, but with caching plugins WordPress can be very fast as well, and comes with very easy and very flexible customisation logic.
Upgrade of WordPress to new versions is rather painless, what cannot be said about Laravel, where backward compatibility of new versions can be serious problem.
My approach is more or less like this: check first if WordPress can do the job, if not think about other solutions like Laravel. Think what can save money AND time and choose the right tool for the job.