Taking into account the problems of the 'segment model approach', it makes sense to use a different approach: 'the entity and activity-based approach'.
The 'entity approach' shares some similarities with the 'segment model approach', but is based more on a higher level of abstraction. By this people can automatically reduce the number of events, and so the major problem of the 'segment model approach' get solved.
It makes sense to describe the 'entity and activity-based approach' in a more detailed way.
Instead of 'objects', people shall define 'entities', which are on a much higher level of abstraction. As a substitute for 'actions' we better use the term 'activities' (but 'action' is also a possible term).
The name 'properties' still fits. So, the entity approach consists of three items: entities, activities, and properties.
The entities usually get divided up into three levels again, which are 'business', 'product' & 'interaction'. Those levels help to improve to design of a tracking plan.
In this context 'business entities' are meant for the company reporting and investors and have to be truly precise.
'Product entities' on the other hand are most relevant for the work of product and growth teams, while 'interaction entities' are interesting for all people who work on specific interactions in the product (or for sales managers who try to understand activity in their sales funnels). All in all, the 'entity scheme' helps to improve the macro-structure of the interactions within the application and it helps to improve the features.