I used to carry enough crap to homestead by squatter's rights. 50+ years of never getting really lost but once, never getting into dire emergency circumstances, etc., I never carry more than I have to. Even when I was lost the one time, no knife would have helped me.
Day hikes, I usually only carry one larger folder like I do at work, such as a CS Ultimate Hunter, a RAT1, my old Kershaw Tremor, etc. In my pocket as usual is one of my small stockman knives or something similar to remove thorns, stickers, bug stingers, or open my protein bars. I am much more likely to spend more time figuring out which camera to take along with bringing enough water and snacks.
I realized one day when stopping along a trail to rest where a few younger guys had stopped that I looked ridiculous with all my crap. A large sheath knife, a large folder and a small folder and other stuff. It was a day hike, although with about 20+ miles of trails it was also available for overnights. They asked me how long I was planning to be "out"... they were serious. Perhaps they thought I was a forward search party of a rescue mission, maybe a mapping expedition leader, or I was training for disaster survival.
They were wearing cargo shorts with a couple of water bottles hanging out, had some kind of food bars in their pockets, and were just out knocking around in the 12 mile trail. They liked checking out the large folder I had and agreed it was "cool", but admitted that they usually carried one multiltool between them. They assured me that the multitool took care of everything they ran into. They hiked that park and others a couple of times every week, sometimes more when the weather turned cool as they also like to fish - catch and release in the river.
They asked me in an innocent and not at all sarcastic way if I had ever needed to use all the crap I was carrying and I had to admit I had not. I got to thinking, how many times had I hauled all that stuff around "just in case"? Waaaay too many. Sadly, I hadn't ever noticed just how "prepared" I was. I could have built a shelter, set traps, set up a first aid station, purified my own water, stayed in reasonable comfort overnight if trapped (for some damn dumb reason) in the park, and carried enough instant kindling to start a few fires. A lot of stuff for a 12 mile hike. A lot of stuff for a 15 or 20 mile hike. I felt a little bit like an idiot when thinking all the gear and how little of it I ever used.
So now I hike with the same gear I have when I go to work except I have signal whistle in case I slip in/on the rocks when exploring. A large folder and a small stockman. I take the knives that are the sharpest.
Robert