I forgot to mention virtualization as an option.
The big advantages to virtualizing over booting off a separate partition are that you can run the alternative OS without needing to reboot, and also that older, less secure OSs are nicely "sandboxed" within the VM. Also, virtualization is a good option if you need to run an OS older than what your computer supports. The biggest disadvantage is the performance hit across the board-both on the VM and the host system. Generally, the VM ties up some amount of RAM and some CPU cycles, slowing down the host system, and the VM itself usually doesn't have the same resources as running natively(graphics are often a big sticking point on this).
Also, this is probably only relevant to a handful of people these days, but VMWare does not support "pass through" of FireWire connections/peripherals. This is important if you want to run something like a FireWire scanner(Nikon Coolscan IV/4000, 8000, and 9000) with PPC native software like Nikon Scan. This means that you MUST use a computer that runs Snow Leopard or earlier natively, which means ~2011 and earlier Macs.
I have a nice collection of virtual machines in VMWare on my main computer, including OS X Snow Leopard Server, a couple of versions of Windows(XP, 7, and 10) and even a Linux install(CentOS) that I never use. Snow Leopard is used to run PPC programs in newer versions of OS X, while the various Windows versions are used to run Windows software-the age of the software determines which version I use, and I generally use the oldest version that will run the software I'm running to minimize the hit on resources. CentOS was installed to run a specific piece of software that has now been made open source(vNMRj, or now OpenvNMRj), and the good people who maintain build a macOS native version. There are also programs-games in particular(I'm not a big gamer)-that will not run in a VM and instead require booting natively into Windows because the GPU resources are limited. I also have DOSbox, mostly for running old DOS games, which is in fact a virtual machine although its resource requirements are quite low.
If Apple transitions to ARM as has been rumored, we may find ourselves in need of an emulator at least until Adobe and other developers develop ARM-native OSs. Apple has really good track record of seamless integration of emulators when transitioning architecture. You didn't know Rosetta(the PPC emulator) was running once installed. Meanwhile, the 68K emulator in the classic Mac OS was so tightly integrated that parts of the core operating system depended on it being there even in OS 9.2.2(which was a couple of versions removed from 8.1, the last that would run on 68K systems).