It’s all about tradeoffs 

Single sig with a passphrase is great option for the majority of people 

Multisig is great for people holding significant amounts of coin or public bitcoiners. 

Not saying Multisig is only for people that hold a lot of coin I’m saying if the bitcoin someone personally holds is a significant portion of someone’s net worth multi sig would be a good option 

Multisig is also great for protecting you from malware attacks if you use different hardware wallets from different vendors 

Tradeoffs for multisig is you have to backup each xpub from each signer. 
But it is fairly easy to back up the wallet especially using sparrow 


For me personally I do not want my long term savings easily accessible