Yes, cold storage is another good way to increase the security of your coins besides hardware wallet, since the wallet is not exposed to internet connection and transactions are created manually, then it reduces the effect of social engineering or so on it.
For people that neither could afford hardware wallets, nor are technical enough to use cold storage, I still recommend using a separate device to handle wallets concerns alone, such that you never go to the web with it, nor even have a browser installed in that device, so it would be less likely for the device to be attacked, unless you downloaded the fake version of the wallet from the stores.
I even think using a separate device (air-gapped) would be more expensive than a hardware wallet. Not all hardware wallets are expensive , and if I remember correctly the Trezor Model One and Trezor Safe 3 cost only $70-90 . I don't think there is any bitcoin investor who doesn't have this amount, so if we are really serious and consider bitcoin as a long term holding or store of value . We should own a hardware wallet right away, don't hesitate or make excuses that they are expensive or don't have money.
I haven't used many other hardware wallets but I have had no difficulty or problems using Trezor , it is not complicated or much different from a software wallet.