Well, I would “prefer” to carry a five-shot snub-gun in a pocket, or OWB open-carry, both for maximum comfort, but the usual daily reality is OWB concealed. When I must, I will carry IWB, but it is not my favored type of holster.
“Pancake” holsters, however, are torture for me, if worn for extended periods of time, as the two outboard “wings” are incompatible with my relatively slim waist size. The belt, if tensioned sufficiently to keep everything steady, tries to force the wide holster to conform to my shape, but that does not work so well, and “hot spots” are produced. One edge, or the other, of the holster may be forced against my skin, causing another point of discomfort.
With leather holsters, the solution for me is a holster with one tunnel loop and one outboard loop, the earliest version of which I am aware is the Professional, made by the late Bruce Nelson, and still made today as the Milt Sparks BN-55. Obviously, this one has been copied by many holster makers, with and without attribution. My favorite auto-pistol holster of this style is the FDS, by Josh Bulman. I have these for the 1911, and P229. The Milt Sparks PMK is a revolver-oriented holster based on the same design principle, and I have these for several sizes of revolvers.
With Kydex, or similar thermally-molded plastic, the maker can achieve good concealment support with molded loops that do not extend outboard of the holster body. I really like the JM Custom Kydex OWB holster, that I have for the full-sized 1911.