I think I ended up with a hybrid of your approaches haha. I run Proxmox with a VM running Open Media Vault, and that VM ended up hosting all my Docker apps because it has a REALLY nice interface for managing all of them!

I only have my PiHole and 3D printers on separate VMs

Downside right now is, a lot goes down if that OMV server does, so reminder to everyone (including me lol) backup lots!