I agree with most of what ghdprentice says. Some of the other responses I have some concerns with. I'm a former software engineer who enjoys commercial-grade computer systems in his house, and I have a hobby in collecting electronic data (including digital audio).
I use Backblaze's various service for my home computers. I use their unlimited data services (which is about $90/yr for a 2-year plan, or under $8/month). This is what you likely want for your situation. It works fine, and with a check of a box in the settings app you can choose any external hard drives to back up. I back up a similar amount of data on my Mac with digital photography files on an external 8TB SSD. I'm not sure where you're getting $48/month, and where you see that it doesn't back up external drives. I've been a loyal customer of Backblaze for several years now and haven't encountered a single hiccup with them.
I also make use of Backblaze's B2 service, which allows you to use the cloud storage space as your see fit, with my Linux server. I use Duplicacy as my backup software to Backblaze B2, but there are a number of choices (Restic, etc). With this you can choose your own encryption key, so even the most paranoid about computer security can relax here, as the data is stored in a fully encrypted state. The pricing for this is more complex, and is related to the number of transactions and the amount of storage used.
A few comments relating to some of the answers above:
* Local and off-site backups are a must. (Cloud storage counts as off-site.) I keep backup hard drives at my office at work, so a house fire/flood/theft/etc can be restored quickly with the drives in the office. I rotate 3 different backup drives so that two are at my house and one is at the office. I also have Backblaze for my cloud backups, and my partial restore tests have been completely successful.
* If you're going to store data at a friend's house, safe deposit box, etc use a hard drive (not SSD). SSD's/thumb drives don't hold data without being powered on periodically as well as HDD's, as ghdprentice mentions. After 6 months or so the probability of a solid state device having perfect data retention starts to drop. Besides, HDD's are cheaper on a per-TB basis.
* Someone mentioned RAID as a backup. RAID is not a backup. It is a mechanism for allowing large amounts of storage and the ability to tolerate the loss of of one drive (RAID5) or two drives (RAID6). It does not protect against accidental deletion, malware, etc.
* Honestly, if I were starting this hobby right now I would probably subscribe to a couple streaming services and call it a day. That said, I enjoy the concept of owning the data, and I do well at managing it, so having Roon play things that I want to focus on is really neat. Of course, if we've made investments in CD's, SACD's, and digital downloads for decades and have spent a lot of time and effort organizing them into our digital collection, then there's a valid argument to just continue it.
Hang in there, and spend the effort to safeguard your data. Data storage has never been faster or cheaper, so take advantage of the exponential improvements over the past few decades.
Michael