Having collected albums then CDs, then ripped files for fifty years and now streaming I can see no reason to be storing music, other than if you like playing with computer files. Ripping and/or buying files was the first couple decades of this century… by and large is over.
FLAC stands for Free Lossless Audio CODEC. It is lossless. Qobuz offers more than half a million high resolution titles as well as millions FLAC red book resolution. So streaming can sound better than red book.
I build my library using Conductor (the Aurrender streamer App.) by choosing “add to my library” each time I locate an album I like. I have to admit, I now seldom use it because I spend virtually all of my time exploring new music or just following a whim through the millions of albums available on Qobuz.