Single taxonomy of several custom taxonomies – what is more practical?

Hello,
I apologize in advance for the overly conceptual question.
Suppose I intend to have such taxonomies on my news site:

Topics
— oil
— gas
–electricity

Regions
— Europe
–USA
–Asia

Formats
–News
–Articles
–Speakers

Importance of materials
–Regular
–Important
–Premium

Would it be justified to implement all this within a single regular taxonomy (Categories) of WordPress posts, i.e.

–Topics
—-oil
—-gas
—-electricity
–Regions
—- Europe
—-USA
—-Asia
–Formats
—-News
—-Articles
—-Speakers
–Importance
—-Regular
—-Important
—-Premium

and then link a specific post, for example, to the subcategory “oil”, “USA” and “Regular”, or is it more practical to create custom taxonomies “Regions”, “Formats” and “Topics”?
News themes, as a rule, are working only with regular taxonomy of WordPress posts (Categories and Tags), and creating custom taxonomies may require the creation of new custom templates. Is it practical to use a single taxonomy for such a Newspaper-themed site?
Thanks for the expert opinions.