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In context of my initial query I read this for use when referencing a language translation of the current parge:
<!-- Read the content in Spanish -->
<a rel="alternate" hreflang="es" href="spanish-version.html">Read this page in Spanish</a>
- when is it helpful to use a hreflang in a hyperlink?
... You can go to either directory or sub-domain approach. Both methods work good in terms of content segmentation and updating & maintaining website.
Folder is better than subdomain - because Google consider subdomains as separate websites. hreflang tag is very very very important for multilingual websites./QUOTE]
If I was able to meet the requirements for a given TLD, and was targeting users who speak French (in France), then a full site on a .fr would make the most sense, from an SEO perspective. I'd be hosted in France, and the site would be written/translated by a native French speaker.
If I couldn't meet those requirements, personally, I'd prefer the subdomain approach. Yes, it's viewed as a separate entity from the root domain, somewhat, but the portability it gives you, as well as ability to mitigate influence from the subdomain to the root (insurance against any Google disfavour with one of the subdomains), makes it worth considering. Since you can link back from the foreign sites to the main (and other foreign sites), you can pass link juice between the entities, thus making the whole reason for subdirectories a moot one.
Being able to have the multiple subdomains approach makes managing PPC, Search Console and Analytics easier to understand the traffic, conversions, costs associated and generally easier to manage (after the initial setup overhead is complete).
In context of my initial query I read this for use when referencing a language translation of the current parge:
<!-- Read the content in Spanish -->
<a rel="alternate" hreflang="es" href="spanish-version.html">Read this page in Spanish</a>
- when is it helpful to use a hreflang in a hyperlink?