I do a bivy + tarp combo. I really like the versatility and packability of it. I do sleep out in just a bivy sack regularly, but only when I’m sure the weather will hold up, which is almost never in the high country. If I’m above Treeline, I’m sleeping under something.
The tarp I’m using has enough room for gear, so that hit a big deal. A pack cover and/or a
Simple contractor bag would address your gear concerns about exposure.
Upsides to a bivy:
The night sky. Seriously. Staring at the stars on a clear night from 11,000 feet is just astounding. I guess you can do this from tent without a vestibule, too, but you probably won’t during cold weather.
Simplicity. It’s kind of a minimalist mindset.
Being able to sleep in a deer bed. As is often the case, that’s the only flat ground, and it’s a bit of a bathtub at that. Usually too close to a tree to set up a tent. Hammock’s shine here, but at higher elevations, the trees are too stunted, so that’s what you have to work with and you might have to descend 800 feet to find a bench big enough for a tent. That sucks.
That’s probably about it and the 3rd example only applies to people who are camping at higher elevations anyway. Modern tents are fast to pitch and very light. My simple tarp takes longer to set up. Bivy sacks tend to heavier than you think they should be across the board. I also think that bivying out is something you need to graduate to, working your way through the ranks of different shelter systems and finding what works for your style and mindset. It may also be the case that raw bivying has more benefits for climbing, backcountry skiing and bike touring than it does for hunting, so it makes more sense as a transferable skill if you do one or more of those sports.
Anyway, here’s a setup I’ve been using lately. I think it will work perfectly for me in the Fall. We’ve hit “monsoon” season recently and it’s probably too rainy for this setup at the moment, but I have about 25 nights in it since the Spring.