Many people use the excellent multitools offered by Leatherman, Gerber etc. What seems to have less publicity nowadays are the Victorinox series pocket knifes. I have used some kind of a Victorinox pocket knife for over 25 years now, and they have been working great. I have also used multitools occasionally, but my experience is mostly from the Swiss Army Knifes.
What is so great about pocket knifes or multitools is that they save time if you need to do something small. Don't have to go look for the screwdriver, knife, bottle opener, can opener, pliers, scissors etc. If I wouldn't have my Victorinox, I probably wouldn't have anything useful with me, at least when traveling.
Victorinox has some options that few or none of the multitools have, as far as I know, but I haven't seen all of them. Features like magnification lens, ballpoint pen, detachable screwdriver, integrated lighter, clock, compass etc. Not all in one of course but you're likely to find the right combination as there are many models.
My model is the Victorinox Swiss Army Champion Plus Pocket Knife. It has been in use for well over a decade and everything is in good order, I have occasionally washed and then lubricated the joints. The trick here is not to buy a cheap copy product, they will - not - last. They simply start to disintegrate over time,and their blades do bend easily.
When traveling or touring or camping, this kind of a tool is an excellent space saver, lots of small duty tools in one package.
What is especially good about the model I have, is the wood saw. It looks small, perhaps, but it is sharp as something that is really sharp. It can be used to take down a two inch thick (or less) tree trunk, by sawing a V-shape on it. It takes a little time but its doable. An inch or less, it can saw straight through it.
Also the basic knife blade is very good, it is sharp and the material is excellent. It has taken well over a decade of abuse and is still in perfect order.
Phillips screwdriver in Victorinox is very good, it wont spoil the base of the screw itself when turning.
Multitools have an advantage on the pliers, they are not very powerful on the Victorinox. Multitools can use their whole structure as a handle for the pliers, not so with the Victorinox.
Overall, all Victorinox blades (knife, saw, scissors etc) have very sharp edges, they can really honestly be used to do something. Hard to say whick I would buy for new, a multitool or a Swiss Army Knife. Should maybe have both.