A question from not a power user. I had FileVault off for no reason for all the time I use Mac, now I finally decided to turn it on, but there are choice: to keep the encryption key in iCloud (I think that it will be invisible for me) or to keep it somwehere else (just as a number of symbols as I understand). What type are you using? And is it not that safe to use iCloud only?
Welcome! You understand the differences right. Using the iCloud method is safe. It’s more likely that you’ll lose your FileVault password than that you’ll be locked out of iCloud, so I’d recommend going the iCloud route unless you don’t do much with iCloud right now.
I keep mine in my password manager. (Edit: I just noticed that this is your first post: Welcome to the forum!)
I’d say it’s a matter of trust. Do you trust Apple enough that you’re willing to hand them the keys to the kingdom?
I keep all my filevault keys in my password manager, but I can fully understand if you are more comfortable going the icloud route.