Choice depends on the who owns the data and who gets to manage the device and what type of user id is used to authenticate.
Hybrid Azure AD Joined is for:
corporate owned and managed devices
Authenticated using a corporate user id that exists at local AD & on AAD.
Authentication can be done using both: On-Prem AD & Azure AD.
Azure AD Joined is for
Corporate owned and managed devices
Authenticated using a corporate id that exists on Azure AD
Authentication is only through AAD.
AAD Registed Device is for
Personally owned corporate enabled
Authentication to the device is with a local id or personal cloud id
Authentication to corporate resources using a user id on AAD.