Metric name vs labels

Apologies in advance if this question has already answered but I haven’t been able to find a good answer yet.

What is a good strategy of storing metric name vs storing them as labels under a common metric name. I have many metric names with x number of labels which falls under similar category. Does it make sense to put them under a common metric name and put these metric names as a label?

How does it impact query performance? Querying these metrics names with regex or a single metric name with these as labels?

What happens if cardinality of a single metric name increases with the addition of these tags since the overall cardinality will remain unchanged. Does that impact performance if cardinality of a single metric name increases vs cardinality spread across x metric names? If it does impact at what level.

Please let me know if the question is not clear.

Thank you.