Cold Wallets - The Way To Go?

To protect your cryptocurrency private keys, it seems to me that cold wallets are the way to go. If I understand it correctly, a cold wallet is the best bet to secure, and to keep hackers from stealing your keys. Not only are they kept offline, but they require a hardware button to be pressed before any transaction can occur. Why would anyone choose a different wallet?

Hot wallets are generally free but are constantly connected to the internet. That's exactly what we don't want. This would make it, basically, a software wallet. To me, that makes a hot target for things to go wrong. Why give hackers any opportunity at all?

It seems that a mobile wallet is no better. It's basically the same as a hot wallet. Some believe that because it's stored on a cell phone it won't be targeted. Not sure if this is such a good idea.

Possibly paper storage of your private keys are the way to go. That way it's really impossible for anyone to steal your goods. This though, is a little inconvenient.

For me, cost of convenience is well worth it for a cold wallet device. The only drawback it seems, is the cost. Anyone have any other reasons? Or, know of any other drawbacks of a cold wallet?