Given the long lifespan of a well-cared for LP and my collection of thousands of them, I long ago rejected the idea of digitizing them for backup purposes. But I do have some favorite albums where the best version by far is the LP, or where there's no CD or streamed file available. So for me there's been a value in selectively digitizing LPs.
I can get very, very close to an LP's original sound. Having done this for decades, the files can now reveal the improvements my system has made over time. For example, it's not difficult to hear the differences when the file (we used to call it a dub) was made using my old preamp (ARC SP-11) or my current Ref 5SE/Ref Phono 2SE. Or the improvements made after I got a Klaudio record cleaner. Or a different phono cartridge.
I'm sure my method will draw snickers from some, but I use what is now an ancient Alesis Masterlink ML-9600. It can make 24/96 files (dubs) that are spookily transparent.
The process is tedious. I don't do it often. But the results are exquisite. The sound of vinyl can be preserved digitally.