Advantages & Disadvantages of Using a Hardware Cold Wallet Plus Software Hardware Wallet Combo

What Are the Advantages of Using a Hardware Cold Wallet?
1) You control the Private Keys.
2) They are extremely difficult to hack, since the hacker must possess the physical device in order to hack it.
3) Many cryptocurrencies can be managed directly by the hardware device's companion application.
4) Many other cryptocurrencies can be secured and managed by connecting the hardware device to a third party wallet.
5) Your Private Keys are kept entirely offline and can only be accessed by physically connecting to your computer to sign a transaction.
6) A lost or damaged hardware device can be restored onto a new hardware device from the mnemonic backup phrase.

What Are the Disadvantages of Using a Hardware Cold Wallet?
1) A hardware device can be more complex to use than a software wallet on your tablet or smartphone is to use.
For example: Understanding when to refer to the device's screen for the next step in completing the transaction, or when to refer to the computer screen to complete the next step.
2) The view screen of the device can be difficult for some people to read.
3) There is a cost to owning a hardware device, where software wallet apps are typically free to install.
4) You must physically attach the device to your computer or laptop, or connect via Bluetooth on a smartphone or tablet, to complete transactions that require a signature.

What Are the Advantages of Using a Software Wallet Secured By A Hardware Device?
1) All of the benefits mentioned above for the hardware device.
2) The Private Keys are stored and managed by the hardware device and are not stored with the software wallet.
3) One of the best ways to secure a wallet app on a smartphone or tablet is to set up a 'Watch Only' wallet, which links back to the laptop or desktop computer's web wallet, which in turn has been secured by the hardware device.
With this set up your smartphone app will allow you to view your wallet's transactions, but not allow you to spend the coins from the smartphone. To spend or send coins you will connect your hardware device to the desktop or laptop computer to sign the transaction.
4) A lost or stolen tablet or smartphone can only reveal public information about the wallet's transactions. No coins can be transferred or spend from the smartphone wallet.

What Are the Disadvantages of Using a Software Wallet Secured By A Hardware Device?
You still have the same disadvantages as listed previously for the hardware device.
You also have added a perceived layer of complexity to the process of sending a transaction.
Since send operations cannot occur on a 'Watch Only' wallet, you must connect the hardware device to the laptop or desktop computer to sign the transaction.