Have you ever tried to cut through a rear wheel with a hacksaw ?

It isn't easy.

I switch between locking the wheel and frame and just the wheel... locking around the seat tube is a better visual deterrent as some dumbass thieves might think they can get your bike by removing the back tyre.

The mini shackle through the crank also serves to disable the bike so riding it away is going to be impossible and figure the most vulnerable part on my bike will be the front wheel and for long term lockups I pop that out and shackle it to the frame. With some bikes I can use the mini u to lock the crank arm or chain ring to the chain stay which also disables the bike.

A good shackle is the best deterrent there is and unless yo are dealing with pros the average opportunist is going to take a pass on stealing your bike and look for someone who thought a cable was good enough.

I have some very expensive and rare saddles and if I have to leave a bike that has one of these I will take the saddle and post with me which also makes a bike less attractive and less rideable.

Some of my bikes never get left anywhere or get parked where they are out of sight as they are nearly irreplaceable but that won't stop me from riding them.

It has been 25 years since I had a bike stolen.