Can you actually choose which UTXOs to include though? As you've shown in your screenshots, it seems you have to pick one of three options, one of which serves no useful purpose (FIFO). The other two are useful from a fees point of view, choosing to minimize the transaction size when fees are high or consolidate your coins when fees are low, but both are bad from a privacy point of view. Does the list of UTXOs which pops up after you select an option include every UTXO in your wallet and allow you to actually choose which ones to use? If not, then this set up is passable only for fee management, and if privacy is your aim then this is awful and might even be worse than no coin control at all.

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In terms of OP's question, I think of it like this:

A software wallet (mobile or desktop) is analogous to your physical wallet. The coins stored in such wallets is analogous to cash. How much cash would you carry around with you for daily spending? $100? Put that much bitcoin in those wallets.
A hardware wallet is analogous to your checking account. You can store many thousands of dollars in here if you wish. You withdraw from your checking account at an ATM, and you top up your mobile wallet from your hardware wallet.
Proper cold storage is analogous to your savings account. The bulk of your coins should be stored here. You rarely make withdrawals from this account - only for big purchases.