Ok, option one is ISP's device that does some of:
* Converts fiber Ethernet to copper Ethernet (not really "modem")
* Routes between ISP's subnet and your home subnet
* Wireless Access Point
* Switch
Furthermore, ISP could have some access to the device?
Option two does use only the fiber-copper conversion on the ISP device and you have separate router.
You have complete control of the router that is the first line of defense between ISP and your LAN, and hence of your LAN.
The quality of, say the WAP(s) is up to your wallet.
Are control and quality "worth it"? That is up to you.