Even with such measures, a lot of things could still go wrong that would jeopardize the escrow. For starters, what if they got into an accident, got robed, or worse, died? These may seem far fetched but it can happen.
It's about reducing risks. Even if you use a hot wallet instead of your hardware wallet, you can still get hit by a bus. But if you don't get hit by a bus and lose your hot wallet, it helps if you can afford the loss.
For serious amounts, you can use multisig with multiple people. Forum funds now use a
3-of-5 multisig.
He always asks LoyceV when he doubts the proper use of the feedback system.
So, I would like to mention @LoyceV if he wouldn't mind sharing his point of view.
It's off-topic here.