You increase your risk when using a paper wallet versus using a wallet stored digitally. Regardless of how the private keys are stored, you have a set of risks when creating a private key on a computer. When you move that private key from your computer to paper, you have to incur additional risks.
And there are additional risks you incur when you store private keys long term on digital storage rather than on paper or some other physical medium. Hardware degradation is one, as I have mentioned above. You can choose fireproof paper or laminate it to protect against mild water damage, which could destroy digital storage. The risks of accidentally exposing a digitally stored wallet to the internet is much greater (plugging in the wrong USB drive or CD to an internet enabled device, leaking data between your airgapped and non-airgapped computers) than a paper wallet.
I use both digital airgapped wallet and paper wallets. I prefer airgapped wallets for money I might want to spend in the next 6 months or so, and I prefer paper wallets for money I am planning not to touch for several years.