Everything is a tradeoff. I use hard drives because my collection is so absurdly over the top, but I'm a computer nerd and am willing to also go over the top there.
I was given a Dell desktop from late 2014-early 2015 that wasn't being used, packed it with the maximum 16gigs of RAM and loaded TrueNAS on it. It's the primary storage for everything with multiple shares, each for a particular usage. Each share is mirrored on the server itself and in turn backed up to separate drives hosted on Linux boxes.
TrueNAS monitors the status of the drives and alerts me via email any time something goes wrong, which definitely happens from time to time. With mirroring, so far a single drive failure has only meant that I had to replace that drive as soon as possible, after which re-mirroring is completely automatic and hands-off. TrueNAS has been excellent about warning me when it detects even the slightest issue.
I have backup jobs that run three times per day and send me emails to let me know what needs to be backed up, which prompt me to run live backups as necessary.
Additionally, the music is backed up offsite to Jottacloud, which has a great all-you-can-eat annual fee and works with rclone, which is essential rsync for cloud storage.
So you can go the magnetic route and have reasonable certainty that it's not going to screw you over, but there's no denying that it's not simple. It certainly helps that I'm retired and have the time to screw around with something that complex, but for me the reward is worth the trouble.