Bushcraft and survivalism are very different from backpacking, but they all get conflated with each other. My EDC tool is a Leatherman Wave (the old version), but that's too heavy for hiking. When I'm hiking, I carry a Leatherman Style PS (because I like having pliers) and a tiny fixed blade knife (2.5 inch blade). The most demanding task I've ever used it for while camping was cutting cheese and sausage. Truthfully, even the small fixed blade is probably overkill, but I suppose it gives me some sense of (false?) security.

EDIT: I meant to say, I almost never have a fire, unless my fire bug of a teenager is with me.