I store my original media in all three places, and all are double backed up -- i.e, stored on two separate drives. Of course, no way to avoid duplicates, but I believe in as much safety as possible. Preferences vary with the individual person.
You never want to have any app, iMovie or Photos app, be the sole places where you store your original media. Apps can become corrupt or obsolete. With iMovie, it is particularly awkward to organize and retrieve original media. iMovie libraries can become corrupted, as well. And with iMovie you may want to store only the media that you intend to use in your projects, the remaining media necessarily being stored elsewhere. The Photos app is great for organization, file management, and retrieval but it has been known to be somewhat quirky, causing some users to lose their photos and videos. Photos libraries can become corrupted. And the Photos app changes with every iteration of the operating system.
Redundancy (duplication) is the best safety precaution. In my view, you can never have enough redundancy. External storage is cheap. Unfortunately, even external drives fail after 3-5 years, and so I double back up, using at least two drives. Six months ago I was getting some strange error messages when using one of my external drives. Since that type of thing can be a forewarning of drive failure, I replaced the drive with a new drive.
-- Rich