freezing is usually the best balance. its what i do too where possible. it can get very frustrating having to freeze and unfreeze constantly though.
when i feel like something can be completely bounced without causing problems i will do it, but i will make a new file so i can go back and pull the synths, effects, etc from there.

i recently started using studio one and the capabilities for freezing, undoing, etc are powerful. i am still learning how it works properly though, so i still use the method above, but it is starting to look like that is redundant now.
eg i can save a track with all its MIDI info, the synth (or combination of synths), effects and whatever other information that track contains. i havent tried automation yet, i assume it saves that too.
with that file i can bounce my track and just store the file. if i need to make changes i can just drop the file into S1 and it will load up everything i need.

 

I also prefer freeze over bounce for same CPU reason. I rarely use bounce, i think most of the time i'll be using bounce when i need to quick preview vsti presets which exceed my CPU limitation to play in realtime. i find it much quicker to do this with bounce. If i use freeze, i will consume more time with plugin reload each and everytime i need to preview other snapshots/presets. With bounce, I just can keep bouncing to new track and that's it. Just for TIPS: use keyshortcut "6" to execute unmute cursor and quickly unmute midi everytime when you bounce it to new track.


ps: imagine how bobby brown might do bouncing track in s1.. 0:30.. haha