Lately, I've been struggling again with how much I should back up my "backup"...

Wallets are like saving files; as the asset size grows, relying on a single mnemonic phrase always feels a bit uneasy.
Hardware wallets are like offline USB drives, suitable for the stage where "I manage my own assets"; multi-signature is like having several locks, which is satisfying, but each additional key adds more trouble, suitable when you have enough funds to be willing to spend effort on the process.
Social recovery is a bit like dispersing backups to a few trusted people, which is worry-free but also tests human nature. To be honest, I would first do a small test run before increasing the amount.
Recently, everyone has been comparing RWA and US bond yields to on-chain returns, which looks quite lively, but no matter how complex the yield packaging is, in the end, you still need to think through the "backup link" clearly—don't lose yourself before you even get the yield.