I have a vast collection of CD's and am still buying them, some new, some used, some old artists, some new. I gave up on vinyl and my son now has my collection of about 400 albums or so. I do use streaming but more so listen to my CD collection which is ripped to a Raid 1 NAS (2 - 8 TB drives). I have the music also on my computer HD but only as a backup. Not really needed as a Raid 1 is a backup system in itself.
I rip using Apple Music and store as Apple Lossless. Could convert of FLAC but don't find it necessary.
I have not purchased any digital files directly, so no experience with that option.
I have a Naim Uniti Star which is an all-in-one CD player/streamer/pre amp/power amp and I use the Naim software on my phone or iPad for playing my NAS library, CD directly or streaming. I also have Sonos systems in other parts of my house and garage and use the Sonos App which can access streaming or my NAS.
I haven't found any difference between playing CD's directly vs from my NAS. I'm sure others may have different experiences.

