CDs are in every way better than vinyl records. They are smaller, much higher quality audio, lower noise floor and don’t wear out by being played. The fact that CD sales are behind vinyl is a sign that the world has gone mad. The fact you can rip and stream your own CD media is fantastic because generally remasters are not good and streaming services typically only have remastered versions, not originals. You have no control on streaming services about what version of an album you’re served or whether it’ll still be there tomorrow. Not an issue with physical media.
The vast majority of people listen to music using equipment that produces audio of poor quality, especially those that stream using ear buds. It makes me very sad when people don’t care that what they’re listening to could sound so much better, especially if played through a hifi from a CD player, or using half decent (not beats) headphones.
There’s plenty of good sounding and well produced music out there, but it’s typically played back through the equivalent of two cans and some string. I’m not sure people remember how good good music can sound when played back through good kit.
You rip those CDs to get rid of degrading physical storage… onto a hard drive that can also fail. A hard drive being degrading/corruptable physical storage.
It’s pretty unlikely that all your harddrives fail at the same time. Just back them up regularly, it’s pretty easy compared to a physical CD or vinyl collection.
That said, most of my music collection is stored in high quality mp3, not lossless. Lossless would make the backup process quite a bit more expensive.
We actually have the technology to make Audio CDs that last 100s of years, but the manufacturers refuse to use it in CDs, reserving it for DVD-R and BD-R discs for archiving. It doesn’t even cost much more to produce (but they certainly charge more for it).
So I rip all my audio CDs to Flac and then burn them to a single 100GB M–Disc for archival.