There are pros & cons to the four options you mentioned but I wouldn’t even consider leaving a significant % of my coins on a centralized exchange wallet. There are just too many risks involved & to be honest, I wouldn’t be happy using a software wallet although with good security & careful usage they can be OK. I advise using a hardware wallet but paper wallets can be safe, storing them safely can be a worry though.
Centralized exchange wallet are nothing different from the exchange it self although you can have your private key or seed phrase but the scare is there on how it was stored maybe the exchange has access to the seed phrase who knows since it is closed source wallets. So it is definitely a no go area.
As for the software wallets I can say that it also not good for large amount holding, but still it depends on how you set it up. Software wallets like electrum wallet and some others have the ability to been used as a cold wallet too like hardware wallet. You can simply set it up on an airgapped device and make sure it stays offline and connect it to a watch only wallet on another online device to broadcast transactions. This process is seemingly possible as even electrum has a guide for it just that it is tricky for newbies to set it up and can run into problems setting it up, otherwise it is my best choice of wallet