I've been giving this a sort of test run since it was introduced to the Z8, but I'm pretty sure I much prefer the way I did it before, which was to set the AF change button to Fn1 so I can hold that down and spin the dials - front to swap between AF-C and AF-S, rear to swap focus areas.
I like this better primarily because I feel like it gives me more control over what focus mode I'm in. With the area cycle, I can only go forward, whereas with the dial if the mode I want is just before the one I'm on I can just move the dial backwards one time instead of having to tap the cycle button 5 or times, more if I miss. I understand why people would want less stuff to press, but to me there's not much difference between pushing the button 4 times and moving the dial 4 times.
I also like to have quick access to AF-S so I can go into pinpoint mode for those occasional situations where I am trying to get focus on a very precise point or on something that's slightly too obscured for single point to fit in there. For instance, while critters hiding in the foliage usually don't make the best photos, every once in a while you still might want one and often single point can't help but catch the edge of some branch or leaf or something and closest target priority means you get focus on that. With pinpoint I can usually avoid this problem.