Managing multi-brand or themeable libraries?

Hello, sorry if this has been asked before, but I was wondering how people organise their multi-brand or themeable libraries? I know this is a big question, but I can narrow down by asking:

  • Do you use branded variants of component e.g. Meta Logos (variant group) which contains Instagram Logo (variant 1) Facebook Logo (variant 2) WhatsApp Logo (variant 3)?
  • Or do you keep all 3 logos in different files with their theme libraries?

I know there would be benefits to both. With the first option you can easily swap out the variants in the same panel, whereas with the second option you can use the “swap library” feature. On the downside, the first option will result in the library becoming too big, whereas the second option might encourage inconsistency.

How do you do it? Any thoughts?

P.S FIgma, it would be cool to have a straight forward article about this. There’s hour long video sessions or overly simplistic tutorials, but nothing actually useful for a complex design system used at scale.