@Kin. I don't really use any dedicated media player any longer as smart TVs and Sky Q have pretty much everything needed these days. Plus subscribing to every streaming service I dunt need to hold much locally as everything I ever want to watch is 99% of the time available on one of the services. There are the odd exceptions, but it's not often.
I do have a 5 bay Synology NAS with 4TB drives in it that holds everything locally for instant access if needed. But again not needed that often these days.
And audio I never touch the massive MP3 collection I built over the years, or the 100s of CDs I own. Nearly everything I can ever think of is on Spotify. And it's matured into such an integral music streaming service these days. Able to seemlessly listen to it in the car, in any room via echo/alexa, directly though any smart tv, console etc. Pretty much every network connected device has spotify access these days.
There are exceptions. It doesn't have every more obscure Indie, gothic, metal, shoe gazing etc artist and album. And one thing missing are the video game audio albums and concert recordings. So there is still a place for alternative local collections.