Fast answer
For most first Menaggio stays, start in or close to the lakefront centre if the trip wants ferry access, promenade walks, and easy evenings. Move toward Loveno only when a quieter hill stay is worth the extra movement. Consider Cadenabbia or Tremezzo when Villa Carlotta and the western-shore walk matter more than Menaggio-centre atmosphere, and compare Bellagio or Varenna before asking Menaggio to solve every central-lake need.
If you only do one thing
Choose the lakefront centre when ferry access and evening rhythm are the priority. Choose Loveno only when views and calm are worth added logistics, and choose the villa side only when the day plan already leans toward Villa Carlotta, the Greenway, or Cadenabbia.