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I am developing an ML model for classification using tabular data. It has 5 classes right now and new classes are expected to be continuously added. (Already have a new one leading to an imbalanced dataset). Data is noisy but it has no missing values.

I have a single ML model based on an ensemble of Lightgbm, Xgboost, and TabNet. I have tuned the hyperparameters and believe that not much could be done about it anymore.

However, would it be better to have a separate one vs all model for each class? Or a cascade model considering the imbalance in the dataset?

What are the pros and cons of the two different approaches?

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