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new to crypto, from what I can tell so far, the pass phrase is equivalent to knowing the private key. If this assumption is true -

In theory and for example, what are the pros and cons creating a new pass phrase/private key for each new $1,000 invested/earned, if possible ? (In the best case, this happens infinitely).

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Yes, there is no limit on setting up multiple wallets. The main disadvantage is that you will need to keep track of numerous separate sets of funds. While it has advantages not to put all your eggs in a single basket, you may want to focus on just a few separate storage solutions for each of which you invest some more time to set up securely.

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