My personal database includes a near-catastrophe decades ago in my 1964 VW Beetle. A brake line gave way near the conclusion of a vigorous stop and we rolled out into an intersection with no brake pedal pressure. Fortunately the mom in the big American iron saw me in time to nearly get stopped before the bumper caved in my door. If she wasn't so attentive it's likely I wouldn't be in this discussion today.
The master cylinder isn't the problem....it's all the lines, connections, and wheel cylinders. If just one of them fails you have zero brakes. A dual-chamber cylinder will leave you with some measure of brakes in the other circuit. In the olden days it was just single chamber and those brakes usually worked fine. But we have better/safer options today.
It's a personal choice.