I feel like open tray development on panchromatic film to save on the cost of a daylight tank is a false economy. Some argument for working in ortho film and a safelight, but modern film would be fully blind in the dark, and trying to fish sheets of film from a tray in the dark with accurate timing sounds... Not fun.
Hangers and open top tanks doesn't sound entirely terrible, but I find a lot of value in how convenient various models of daylight tanks are.
Get them loaded and think of something else you need to attend to? Its safely in a daylight tank, just walk away and do something else.
I like being able to load up a tank and have it ready for processing at a later time, and not having to commit to the whole process in one block of time. It gives me more flexibility. [The dust currently sitting on top of one of my Paterson tanks might suggest a bit too much flexibility, but that's beside the point]
Can't comment on their suitability for colour work, but hopefully someone with more experience can chime in with yay or nays, but I'm a big fan of the Stearman Press tanks. I've ended up with both the 445 and 645 in my collection now. The price might seem high, but these tanks are durable enough that I expect they'll last me decades. $10 a year for development gear sounds rather affordable.
Paterson tanks with the Mod54 holder are also nice enough to work with, but would rank them well below Stearman Press tanks for usability.
As for darkroom vs changing bag, I do find value in a changing BOX or tent. Floppy bags aren't the nicest to work in, but simply adding a bit of structure to one makes it far more enjoyable to work with.
I like that they can reliably contain the stuff I'm working with. Knock something over by mistake? No having to feel around on the floor for missing things. As a bonus I can have something like YouTube playing in the background and I don't have to banish myself to a dark room till I'm finished. If something interrupts me it is fairly easy to make things reliably light safe for far less than a doorway Light Lock costs, and someone can't accidentally open a door and spoil my film on me.
As for decision making on all of this, there is unfortunately no 'one right answer'. It is all preference and 'what seems like a good idea at the time'. Roll with what sounds like something you can justify as a right answer for you and your current needs. You might be right, you might prove yourself wrong, but it is really hard to be sure till you try it.