Not sure what you mean by combination of multiple reports, please elaborate.
The advantage of scheduling reports through shortcuts (i.e., in the report browser) is that it is already set up. You do not have to implement an activity. Unless you nee to solve a specific issue that normal scheduled reports (shortcuts) don't offer, then you should schedule through the report browser.
Using OOTB report scheduling through report browser, you can only schedule a given report once, and only in one format (Excel or PDF, not both). In order to send both formats from report browser, you would need multiple report shortcuts, and the different formats would be attached to separate emails.