I think cold wallets are the right way for big businesses to storage their Bitcoins, they should have hot wallets with the coins that they are using, but the ones that are just for holding would go on a cold one, which means they don't even have the private key loaded in a wallet, those are address with coins and with a private key on a safety box.
If they hold a big amount in the hot wallet that means they are risking those funds which is not a wise move. A good example was the hack on Stake some weeks ago.
You can count the Coinex hack too, because they also lost their funds because the keys were gone. But it was their own fault, even though they were storing the funds of the customers in a non-custodial wallet, meaning in a wallet where keys were owned by them, and they still lost the funds. Which means, custodial or non-custodial, it does not matter if you are being too lazy and unprotective of the keys.
Many companies use hot wallets for trading, sending, and receiving purposes. In simple words, they store those BTC in hot wallets that are to be used in the future, while the ones they plan to hold are placed in cold wallets. They will definitely be using other security layers like multi-signatures, 2FA, and isolated hardware wallets.
Many will say the secure way is to remain offline as much as you can, and for that, keep your keys stored on paper and not write them on online storage, where they would be vulnerable to hacks. But another will say to keep the paper comprised of keys, some of which are saved, so that no one can get access to them. And also keep them safe from natural disasters or wars.