Physical media is definitely a solid option if you don't mind the space and effort considerations. I opt for a middle ground by using Emby as my current solutio

Physical media is definitely a solid option if you don't mind the space and effort considerations. I opt for a middle ground by using Emby as my current solution. It allows me to physically store all my media on local drives, back it up to some free unlimited Google Drive accounts via edu addresses (fully encrypted), then can do local playback within my network or stream it out to any remote devices. It's largely open source, but there's always that worry I suppose that the devs ruin it at some point and I'll need to move to a new solution. Unfortunately there's a lot of work needed if I was to completely code my own solution, so hopefully I'll never need to.