I think your data is worth the security provided, and I certainly don’t want to see you go through the hassles that we see around here with Apple ID breaches whether due to phishing or password re-use or otherwise. But that’s your call.
I see a two-factor authentication prompt rarely, and usually only when adding or removing a device, or when using a new path to log into Apple or to make Apple ID-level changes such as iCloud access. The two-factor prompts are pretty rare.
As far as your choice here, you do not have one, if you want to enable those features. You enable two-factor authentication. Or do without, of course. Or migrate, though two-factor or better is becoming ubiquitous across all platforms.
If you’d like to send your feedback to Apple: Product Feedback - Apple