It is very true that if I do not own the private key/passphrase of my wallet then the balance or assets are not considered mine. Unfortunately I have cryptocurrency stored on my Binance exchange and so far I have not used the hardware wallet. But I have made a personal decision to hold my dollars in hardware wallets for years to come.
Don't be lazy and just purchase a hardware wallet as soon as possible. Though the rumours of Binance being insolvent is very likely to be false, do you really want to risk all of your funds? I'm sorry but that's just dumb and lazy.