Electrum is nice. But it's not as convenient as a hardware wallet per se. Since it's a software wallet, you can risk losing your BTC if the hacker gets access to your device. With a hardware wallet, they'd need to get physical access to the wallet and enter a PIN to steal all of your coins. Electrum allows you to create a cold storage wallet, but I'd certainly won't be using that to make day-to-day payments with BTC. That's why I prefer hardware wallets, even though some are expensive.

The list of open source hardware wallets seems to be growing each day, so only time will tell us if Ledger will become history. Bitcoin is all about self-custody, so who needs to trust a company for securing your keys?