Utilizing SingleSig with a passphrase allows you to maintain all your critical data, like the mnemonic/seed, passphrase, and master fingerprint, on steel backups. These can be safely stored in different physical locations. This method assures a high level of security by physically separating key information.

On the other hand, the MultiSig approach offers another layer of protection but also necessitates digital storage of each wallet's XPUBS and derivation paths. This implies slightly more complexity and a potential increase in vulnerability due to the need for digital storage. This setup could involve utilizing multiple hardware wallets, adding another level of complexity.

Remember, there's no 'one-size-fits-all' solution when it comes to security. Each user has to weigh their comfort level with technology against their need for security. For those who are unsure, using SingleSig combined with a passphrase that offers an entropy of at least 85 bits can be a reasonable and manageable choice. It provides a good balance between security and ease of use, making it an acceptable solution for most users.