Thanks everyone.
Physical SIM definitely has some advantages. Many Taiwanese carriers, for example, charge about US$10 to switch eSIM to a different phone. I will probably try to keep my iPhone 11 as long as I can since spending $1000 on a phone that I can drop and lose is kind of crazy.
My thinking is I will buy a few different eSIMs. For example, 3HK has one that works for the US, Canada, UK, AU, NZ and HK - 1 year 30GB for about US$35. Then Eskimo gives out this free 1 GB eSIM that is good in 80 countries. So depending on where I go and the expected usage, I use the cheapest eSIMs I have or go local. For example, in Taiwan, you can by a 60 Day 2 GB package for about US$10.
Now let's see how that works out....Thanks!