In my opinion, it is more suitable for formal situations (including some business settings), nevertheless, I have been known to use it in casual conversation with my friends :)

If I was speaking about a serious or semi-serious topic to friends or family I might say nevertheless even though it does sound more formal.

It’s not too formal. You could hear adults use it in a business setting.

Nevertheless is more formal. Everyone will know what you mean, but you might get some weird looks.