The traditional approach is good if you have existing SSH and GPG keys that need to be moved onto an HSM. I'll definitely prefer the deterministic wallet approach for new keys though. It's not that bad to migrate to new SSH keys but GPG tends to make rotating keys very painful.
Satoshi Labs (Trezor) got the recovery seed and deterministic wallet approach standardized, so there are a lot of compatible options available. The trezor-agent project providing SSH / GPG support also appears to support some other devices like Ledger models too.
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If I wanted to transport keys across a border, I'm confident that I could memorize a 12 word recovery phrase, which is the 128-bit security level. Bitcoin and ed25519 have an 128-bit security level anyway. Using 24 words is useful to split physical backups into two pieces though.
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