I feel like my music file collection is modest: 1,226 releases, 9,106 songs, 273 Gigs, would take 50+ days to play it all back to back.
Most of it's from Bandcamp, though a lot is older, from ripped CDs or buys from Apple over the years. I always download the music, protecting myself in case the music gets pulled off the service.
Most of my CDs haven't been ripped yet, though I mostly stopped buying them lotsa years ago.
Backups are another story. I have the files on two different drives, but otherwise there's no backup. I have a Time Machine drive which I haven't used in years. Bad me.