I'm hardly an expert at this and have only traveled with hard panniers, complemented with a duffel bag on the pillion seat for my camping apparel. Most of my travels have been on hardtop with small ventures on gravel. Although being a PITA, the camping gear can be replaced fairly easily if stolen and I can always find cheap lodging in the meantime. My more expensive items (camera, tools, laptop, etc) are stored in my hard luggage for relative safety.
This being said, I'm planning a longer trip mostly off-road and am thinking about reversing my arrangement. That is to say, soft side luggage (for security in case of a fall) with a Pelican style top case to store my expensive items. My decision is not yet finalized and look forward to advice that others may offer.
P.S. There are several posts on the HUBB discussing the pro's & con's of both systems. You may want to check these out if you haven't already.
Safe travels,
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