I use such a ledger + electrum 2-of-2 wallet for long term storage. Besides the obvious pros there are a few cons:
1. On the ledger display it is impossible to check the receiving address. Ledger can't check the change address either. There is no such problem with some other hardware wallets.
Crap, that's a bummer. I haven't tried sending a transaction yet so I didn't know. Is there any solution for this?
You misunderstood me. You can see the recipient's address on the display. You cannot check your own receiving address.
You just have to create in a file or print out a list of your addresses and check against it.