Recovery Key vs. Account Recovery

Hi - I am trying to decide the safest way to protect, yet be able to retrieve, my iCloud data in the event of loss, theft, or damage to a trusted device(s). I've been trying to read up on the pros/cons between using a Recovery Key vs. the Account Recovery process, but am honestly confused. Recovery Key seems riskier (must have at least one of your trusted devices with you?), but also less of a pain (doesn't take 1-2 weeks like Account Recovery?). Any recommendations here? thanks.