I can understand the idea of paper wallets but I think they're ridiculous, like fiat money they're easy to tear and you can set them on fire pretty easily, not something I would have a lot of money attached to.
With paper wallet, you can keep (encrypted) ones in you real life wallet and in an emergency use Mycelium's cold spend feature.
You can also keep a backup (or multiple) elsewhere.
I struggle to see the advantage of keeping a cold laptop unless it was to sign transactions then move them on to a live pc.
I think I'm more likely to spill water on a laptop then set fire to my wallet.