Not in Plex.
In fact, there are no standalone recordings in Plex. Each track belongs into a release.
Singles are “releases”.
Albums are “releases”.
EPs are “releases”.
i.e. singles should be treated exactly the same as albums.
With an AlbumArtist tagged that has identical content for each track on that single release.
With a separate folder which holds all the tracks on that single. Even if there is only one track in total.
i.e. version 1) of your options above.