I use a variety of methods for my scraps. I store all my fabric in drawers and like to be able to see what I have at a glance. Yardage, fat quarters etc. gets wrapped around comic boards cut to fit in my drawer units. These can then be filed by size (>1yd, 1yd, <1yd, fat quarter) with a separate drawer for each size. I separate by color and value within sizes.
Here’s what I do for scraps- irregular and largish scraps get wrapped around comic boards also filed and arranged by color and value. I define largish and irregular as anything larger than a 10” square or Strips that are at least 2”wide and 12” long. Everything else gets cut into sizes that I like to use. Those are also stored in drawer units and are separated into stacks by size and value.
Rob