My bad, you are right. Encrypted seed (in pen drive or similar storage)+ bank vault would be best of both worlds.
https://www.nytimes.com/2019/07/19/business/safe-deposit-box-theft.htmlYou'd never catch me doing such a thing.
And bank vaults are a dying breed at least where I am. The nearest one to me is about 150 miles away and they're closing at a fast rate.
I may well go back to paper wallets for funds that have no intention of moving for a long time. They worked for me in the past. I get the feeling hardware wallets will get ever more holes uncovered.