It’s not necessarily the way to go for you, Neil. It’s each to their own.
But I can tell you that examining my records shows that I lose (a stack of) money by backing each way. In other words, the returns from 2nd and 3rd placed horses are simply not justifying the stakes laid out.
Win only, for me, is the way to bet. For you, it will depend on your historical track record.
p.s. there is a mental element to it as well, whereby backing horses each way offers a ‘comfort blanket’ but that can sometimes affect our judgment with regards to whether the horse is actually a good bet to win the race. If it is not, then we are wasting the win part of the stakes and may as well back place only somewhere.
Place only betting could also be a better approach than each way, depending on your style of betting and your historical track record.