I am firmly in the camp that would pick the first arrangement, but not because of (lack of) trust. It is partially due to psychological effect on me (get out of

I am firmly in the camp that would pick the first arrangement, but not because of (lack of) trust. It is partially due to psychological effect on me (get out of bed, you are compensated for this) and partially because the incentives of the employer are better aligned with mine. They should view 24/7 operation as something that costs money, so that they are more willing to invest in robust solutions.