Think of it like a hardened coin join server. It's pretty neat actually.
Probably you'd want another cold card for your personal offline stash of course.
Exactly, one fully airgapped for cold storage wallet and this one with USB-enabled to do policy-based automatic signing (which is a big step more secure than hot-wallet). Also HSM mode is only supported on Mk4/Mk5 models.
Yes, protocol needs SLIP-19 ownership proofs and signing to be done faster than possible via SD-card by a user. So Hardware Signer Mode only supported soon, this is still work in progress!
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