It all depends on the investor. Some, in fact, a lot, uses hardware wallet for cold storage. For them, it is practicable and efficient in the sense that they are as if carrying their coins wherever they may be. It is synonymous to a tangible property which gives a good sense of belief that one is able to see/experience ones possession. On the other hand, some do not use hardware wallet for cold storage which is premised on the belief that it is creating more risks on the safety of ones property. An example of the latter is when the hardware wallet is stolen or broken. Its natural effect is that it will presumably lose all BTC investments.