Where do you store your cold wallet? A safe in your house? Also, where do you store your backup recovery phrase? Seems risky to store them both in the same place right? Fire could take both out.
You can simply store only the seed, maybe scrambled or encrypted, maybe not. But how and where, it's up to each and everyone's choice. It can be on the back of your favorite painting, it can be on crypto steel buried near your favorite tree, it can be in a bank's deposit box.
Especially if one chooses something flammable, but imho in all cases actually, one should store the seed in multiple places/locations. Scrambling or a 25th word is a good addition, but then if something happens to you your family may not be able to benefit of those funds (which may matter to you .. or not).
Of course, it depends greatly on how much is that wallet worth. One wallet for 100$, 1000$ may need certain precautions, maybe 100k others and clearly 1M completely different ones.
I'd add that although I like @mk4 post/links, I am against use of "standardized" methods (Shamir backup). I think that everybody should use his imagination.