The only advantage of a hardware device is that it supports multiple coins
Another one (and the reason why they are so popular) is ease of use.
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.
My ledger is exactly 8 years old now. I didn't have power issues as of yet, but screen is dying for the last 6 months or so. Its a perfect excuse to finally move from ledger and finally got something decent but simply can't decide what to buy.