Problem I see with splitting seed phrases in any other way than good multisig setup, is that you will have single point of failure.
Losing single part of split seed words would mean you will lose all your coins and all other parts would be useless.
I could say similar thing for Shamir Secret Sharing, it also has single point of failure.
That's not the case for the method that foggoat proposed. In his example, each share contains 16/24 words and any two shares will have all the words necessary to recover the seed. Losing one share still leaves two splits that can be used for wallet recovery.
So if we were to rank the different splitting systems from 1-4, the worst one would be to split 24 words on three and backup 8 words on each split. In that case, losing one share means losing your coins. In 3rd place we would have foggoat's example with 16 words per share. SSS would take the 2nd place. And using multisig is still the best way to go about it.