We live several states away from family as well. If we can afford to all go together, we do (in-laws 50th). If we cannot, we do one of the options you mentioned. 4 plane tickets is a lot more money than 1. 1 person can be accommodated on a relative’s couch, 4 needs accommodations, rental car, etc.
If it is not terribly important, we don’t go. If it really is important, the person whose natal family it involves goes. I went to my grandmother’s funeral last year without everyone else, and got to spend time with extended family. It was a gift of kindness and love on my husband’s part. It would have been nice if all of us could have gone, but everyone understood. He has also gone alone to see his family when we all couldn’t go. Again, because I love him, and finances wouldn’t allow otherwise.
Also, desperate for my children to get to know extended family better, I put the two of them on a plane on a non-stop flight, with my teen watching over the younger child, and my sis picked them up, and they got to know their cousins for 10 days. Again, we all four couldn’t afford it.