Exactly. Decentralized wallets are the best way to secure your crypto for the long term. As long as you hold the private key, you can feel confident that your funds will be safe no matter what (only if you follow necessary precautions to secure it). Most newcomers into crypto are often inclined to centralized wallets, because they're much easier to use than their decentralized counterparts. For storing small amounts of crypto, they work just as intended. But if you're planning to store a substantial amount of money in crypto, then using a decentralized wallet is the way to go. This includes both software-based and hardware-based wallets.

Personally, I use Electrum alongside a hardware wallet like the Ledger Nano S for complete control of my Bitcoin. Since I hold the seed (and private keys), I can retrieve or recover my funds at any point in time. That's not possible with centralized wallet providers like Coinbase or Xapo, as they control the keys themselves. If there's a hack or the company goes down, you'll lose all of your hard-earned money along the way. With decentralized wallets, the risks of hacks or theft are reduced to the bare minimum. Not exposing your private keys to the public, conducting sensitive transactions offline, and even using multi-sig will allow you to have complete confidence and control over your crypto balances with a decentralized wallet. Even so, many people will continue to patronize centralized wallet providers due to their easy learning curve. At least, people have a choice to choose from one type of wallet to another thanks to the decentralized and open source nature of crypto. Just my thoughts