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Still doesn't solve the problem.
The problem is not "how much you can trust Liquid and its federation", the problem is that trust is not a scaling solution for a trustless system.
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Still doesn't solve the problem.
Then your only solution is to wait for fees to fall or use a CEX.
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Again, not the scope of the post, that's not the problem at hand here.
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I don't know anything about those Eth-style solutions so I can't really comment. But you say "other than not having a governance token" as if thats some small thing.
Liquid BTC (L-BTC) only exist when BTC is locked into the multisig. Its auditable that the same amount of BTC in multisig = same amount of L-BTC in existence.
Your practical options at this point in time are:
Thats all you have to choose from at the moment. Pick the thing you feel minimizes your risk and maximizes your benefit.
Personally, I think the list of Liquid members represents some of the most pro-bitcoin groups out there. The vast majority of those members are bitcoin only players...personally I trust them more than I trust WBTC / etc / whatever.