If you are working with a team, follow the guidelines of the team. If it's a personal project, it's up to you. It doesn't really have any significant difference in terms of performance or functionality.
The most important thing is consistency. Choose a method that works for your coding style, then stick with it throughout your project for cleaner, more maintainable code.
I personally prefer having multiple media queries and using them where needed, especially since I like to nest my code. This approach feels more natural as it keeps related styles together without jumping around the stylesheet.