Hardware wallets are developed devices based on cold-storage wallets, and you can actually build your own air gap device. The only advantage of a hardware device is that it supports multiple coins; however, it is still not good to protect your assets from potential hardware issues. Cold storage on a newer hard drive has a much longer lifespan than a hardware wallet device, which has an 8-year or shorter lifespan.
Like Ledger Nano. I heard that most users had power issues after three years of not using it.
So if you don't have a backup, your assets are lost forever.

I am more confident of having a Cryptosteel to save my backup seed for a much longer lifespan and having a DIY hardware wallet than using a hardware wallet like Ledger Nano, which is closed source.