There are three costs: 1. What is the cost of encryption plus decryption by the intended recipient? 2. What is the cost of decryption by an attacker? 3. What is the value to the attacker / damage to you of decrypting a message?
You should use at least the highest security with trivial cost automatically. If 112 bit has trivial cost, why would you even look at 80 bit? Apple decided that 256 bit for all files on an iPhone with different keys for every file has trivial cost. So there is no option to reduce the strength.
It would then be worth checking if with that security, a hacker can profitably hack my bank account to get $10,000. Probably the US government could crack it at a cost of a billion dollars, but that’s a risk I take. And for something more damaging, you would want a similar ratio of cracking cost to potential damage.
And of course don’t use the strongest encryption just for the most valuable/ sensitive data because that would have an attacker a hint what is worth attacking.
In practice, unless you are using really bad crypto, nobody will break. What attackers will do is finding ways to get your secrets without breaking the cryptography.