At the end of the day you should read up on the threat model, and come up with your own.

If you hold a large amount of your net worth in BTC you really should have the majority of the BTC in a multi-sig wallet.

If you are just traveling I would go with scenario 1, with the idea that if you need more BTC when you get to where you are going you can buy more and send it to your phone/hot wallet.

If you are moving, or a nomad with no home base. I'd say explorer border wallets, and/or a multi-sig setup. You could go with a setup like, have 1 private key to your multisig on your person, 1 with a friend/custodian (unchained capital, Casa), and 1 you mail to your destination.

Having any type of clues with you while going through government checkpoints is probably not a good idea. Therefore if you have a mnemonic phrase, hardware wallet, etc with you the government might see that and cause you more trouble.