Surely it depends on the size of the collection? In pre-streaming days, people still managed to move house. It was perfectly normal to own physical copies of favourite books, films, albums and so on. A modest collection of art you love most. Most people don't own libraries the size of the insanely huge one I've built up over the years, but if push came to shove and I had to move, I'd find a way to bring it all with me.
My reasons for sticking to physical media are mostly concerns around censorship, disappearance due to rights issues, cancel culture mobs, and goodness knows what else. Something as important as music (not to mention films, books, etc) should not be trusted to the arbitrary corporate whims of "the cloud".
But each to their own.
More of my thoughts on the matter here, if you're interested. :)