A bare galvanized wire fence would work much better electrically speaking. If your HO association would allow it. It could then serve as a “ground wire” for your hot wires which would be run just slightly offset to it. Since I’ve never done just a “strung wire” electric fence I can’t compare them to the grounded wire fence setup; but a lot of folks around here use the strung wire ones for cattle, sheep and to keep coyotes and dogs out. So they obviously work too.
And “bare wire” usually means galvanized steel wire (or aluminum coated), and it lasts quite a while, at least in the dry SW. Same water protection as chain link fencing an horse fencing uses, and they last pretty well.