I maintain my own library too where I spent a while ripping my CD collection back in the early 2000s (and then again maybe 6 years ago when storage was cheaper to a lossless format). The CDs are all boxed up safely for archival storage, and most of my recent music has been purchased from wherever I can get DRM-free stuff. I fiddled with various self hosted servers but I’ve mostly stuck with iTunes Match since it lets me access it all from my phone, and then I just back up the library from my Mac to my NAS. I just don’t have the time or patience to play sysadmin at home anymore. I use Apple Music streaming for stuff I don’t care about potentially vanishing, but for the stuff that I really love and would be sad to lose, I buy it and put it in the archive. It does happen occasionally that stuff I don’t own that I found on Apple Music disappears, which can be annoying.

I think for most people this is overkill, but for music nerds like me where the collecting and curation is a big part of the enjoyment, maintaining your own library makes sense.