This is also not the best way, with an earthquake like the one in Turkey recently, or a natural disaster that will wash away all your possessions, stainless steel plates will not be able to help you keep the property. Every solution has its pros and cons, no solution is absolutely safe, and everything has its risks. We need to be flexible on a case-by-case basis to use the most appropriate method. And the method of sharing with relatives is also the method that I am applying today.
Storing all in all begs, all backups at one place, use only one format are very bad.
The extreme earthquake in Turkey, Beirut port explosion in Syria are good examples that if you have Bitcoin, you should diversifying how you store your bitcoin and your wallet backups.
Applying the same for your exchange account passwords, 2FA backups.