Yes with the pay as you go music streaming service options available these days many may find it practical to cut the cord with owning music but I’m kinda old fashioned...not ready to take that plunge.....yet.
Getting close to giving up on CD's
I have a mid fi system ( B&W 803D, Rotel amps, Oppo 203 BD, Anthem processor). I set up a NAS drive with the intent to re rip my CD's to highest quality possible but when I purchased the Anthem AVM 60 and the newer Oppo I tried ROON with hi rez files I had purchased from HD tracks along with a subscription to Tidal. It has been close to a year and I have only gone to my CD collection a few times. Roon plays directly through the Oppo flawlessly. Been pretty happy with quality of the streaming through the OPPO. At this point I am not sure I see a point to re-ripping my collection when I can get CD quality or better with the options above.
Things can only get better with a dedicated DAC, if I go that direction I am not sure I will even keep my CD's unless it is something rare or super obscure.