If the content is not stored locally and DRM free, then you don’t own it.

Have fun managing tens of TB of backups. I have given up on that quite a while ago, DRM-free is just not a practical for the amount of digital content you collect over the years. It's a nice to have thing that comes in really handy sometimes (e.g. watching movies on unsupported device like VR headsets), but it's not a solution for digital ownership. In some ways it's actually worse, as you can't practically resell DRM-free copies, as you don't have a proof of ownership. You'll also miss out on updates for new technologies (codecs, OS versions, etc.).

This needs a legislative solution or some NFT-like thing that gives you a certificate like "You own this, feel free to pirate if we go out of business"(digital signed by company).