isinstance can take multiple types, so there is no need to call them multiple times for each type.

isinstance return True if the first argument is an instance or a subclass of specified type/types.

Given that these result in the same outcome:

if isinstance(item, (int, float)):
    pass


if isinstance(item, int) or isinstance(item, float):
    pass

Why not choose the easiest to read, write, and execute (the first one)?

Note also that as of Python 3.10, isinstance also accepts Union Type:

# python 3.10 and up
if isinstance(item, int | float):
    pass