Cryptocurrency Paper Wallets better than Hardware wallets? An alternate view

I have been learning all about CC wallets lately to try make a decision how I will store my cryptos.

I love the idea of using a mobile app such as Jaxx or Mycelium.
Who doesn't like to tap an app and see in a pretty interface how much coin they are holding.
But hot wallets are supposedly only for "loose change" or carrying smaller amounts of cryptos.
I tend to feel safer having something I can watch over (an app on my phone where I see it) than something I would put in safe storage (where I don't see it).

All that aside, the consensus is that hardware wallets are the best, the most secure and the most recommended form of crypto storage for large amount of cryptos. Paper wallets are still secure, but they can fade over time, burn in a fire or get eaten by your dog etc..

But here is my view.
Hardware wallets such as the Ledgers, Trezors and Keeykeys are a commercial product. Are they really better or does consumerism tell us that we need to spend money to make money (in this case keep money). Are people just jumping on the hardware bandwagon because they think that it's not free, it must be better?

Ok.. they are better.. but I'd feel a bit paranoid putting all my eggs in one device. Never actually played with one hands on. Each time I think about ordering a Ledger Nano S I see there's months wait to get one so I say screw it.

So how would I use a Paper wallet ?

• Generate the paper wallet on bitaddress.org with a passphrase ALL the time for added layer of protection.
• Save as a PDF and store on a USB stick with password protection. Hide it deep in a folder structure with other stuff on the stick.
  If anyone were to look at the USB stick, they might just see family photos at first glance.
• Print and laminate the paper wallet and put a copy onsite and offsite.

Of course the downside with paper wallets is you can't spend bits at a time like you can with a hotwallet or hardware wallets.
But the use case I'm talking about is really longterm cold storage.

This is a relative newbies view on the whole wallet topic.. feel free to add your ideas.