I will not suggest to use paper wallet due to various reason.
If your goal is to store a very large amount of cryptocurrency and don't want to touch it whatever happens plus become an anonymous owner, a paper wallet is still a good option. It's probably 'safer', and by that I mean you can hide the fact that you own cryptocurrency as long as you can save the backup in a secure place.
Obviously it comes with a lack of flexibility and somewhat out of date tech, but that doesn't matter if you're holding for years and don't brag around that you have 1 BTC.
But you know people which do really love to brag that they are holding into something. lol
Paper or hardwallet is always been a good option for long term but i do always have that questions in mind on why there are really people who doesnt think off
carefully and instead do end up on using an exchange wallet or custodial ones which are more riskier than to those wallet mentioned earlier.
Protecting your coin will always vary or depend on how you do set up security measures.