Need some help with understanding how to make 2d char with equipping weapon on him

Game is 2d beat 'em up and character can either use melee weapons or some fists and legs majestic ninja style.

I'm a bit confused with how to make such things. Shall I (like that character tutorial for unity)

1. Make body, head and all other constant parts of a body as one object

2. Make hands into another object

3. Make legs into third object

Each of those objects should have their own animations like idle, walking left, right and so on. When user goes into attacking - each of those objects go into their own attacking animation and I'm gonna have to track collision of hands, legs or whatever is attacking with enemy hit box?

I'm assuming that for this approach it'll better to have one whole animation done somewhere and after that cut each parts into separate animations.

If player gonna have to equip weapons - I'm gonna have to animate hands holding weapon, weapon flying around separately (or maybe hands + weapon) and drop that onto player character body object? Also with this approach if I want for example to change players appearance based on what he's wearing - I'm gonna have to reanimate each parts.

Is this more or less the most efficient approach? Or maybe there is another one and some tutorial?