To DRIP or not to DRIP—when does manual reinvestment make more sense?

I've been on automatic DRIP for years because compound interest and all that. But lately I've been questioning whether it's actually optimal.

The case for automatic DRIP:

Removes emotion and decision-making from the process
Guarantees continuous compounding
Often allows fractional share purchases
Forces you to stay invested instead of letting cash accumulate

The case against (or at least for manual reinvestment):

DRIP buys regardless of valuation—you're buying more of your most expensive positions when they're most expensive
No ability to redirect dividends to better opportunities
Can create a record-keeping nightmare for taxes with dozens of small purchases at different cost bases
Doesn't account for position sizing—your winners get bigger regardless of whether you want more exposure

Here's what's got me reconsidering: My Realty Income position has grown to 12% of my portfolio purely through DRIP. That's more concentration than I'd intentionally choose. Meanwhile, there are positions I'd love to add to that aren't growing as fast because they yield less.

The hybrid approach I'm considering:

Turn off DRIP and let dividends accumulate in cash. Once a month (or quarter), review the portfolio and deploy that cash deliberately—either to rebalance, to add to underweight positions, or to start new positions. This maintains the discipline of reinvestment while adding intentionality.

The counterargument is that I'm introducing decision points where I might make emotional mistakes. Cash sitting in an account feels like it should be "doing something," which could lead to forced decisions.

Questions for the community:

Do you use automatic DRIP, manual reinvestment, or some hybrid?
If manual, how do you decide where to allocate incoming dividends?
Has anyone actually run the numbers on whether selective reinvestment outperforms automatic DRIP over time?

Would love to hear how others handle this, especially those who've tried both approaches.