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One benefit of having a single monitor (ultrawide or not) is that when you end up working on the go on your single-screen laptop, you don't lose much productivity in terms of environment adjustment. It also helps focusing on a single task.

With that said… I did buy an ultrawide monitor in the end (which allows 2, or even 3 apps to co-exist side-by-side). But I still kept my old monitor as a secondary one (mostly for iTerm, Spotify, and live sport).

So to answer the question: two monitors or one ultrawide, I would say, why not both?