@Vocalpoint.
Yes, to all of it. I still tag every day partly because I like it, but man: all the time I've used doing so is staggering to contemplate. I got so fed up with my classical music collection recently that I deleted many, many terabytes of, ahem, downloaded albums accumulated over the years. Once I did, I felt great and actually started listening to the music again, not just futzing with it in MC. Of course, I immediately started collecting and now am back to tagging a lot, but at least now I've only accumulated the merest fraction of what I had.
On the other hand, stuff disappears from streaming services without warning. I remember adding a bunch of Karel Ancerl (great 50s-60s Czech conductor) albums to a few Spotify playlists a couple of years ago, but they were gone from the service within about 2 months. That's what I find irritating about streaming: you never know when stuff is going to come or go. Mainstream services like Netflix also increasingly get rid of non-company-produced content. I just listened to a Film Comment podcast the other day where the conversation veered into this territory, about how the original promise of streaming (everything available all the time) has really been largely abandoned by the large companies like Netflix, Amazon, et al. There are some alternatives if your taste is less mainstream, like The Criterion Channel or Mubi or Kanopy, or more classical music-friendly streaming services like Qobuz, but the cost adds up when you're also subscribing to HBO and Prime and Netflix and YouTubeTV, and of course everything isn't always available even there (Mubi and Criterion continually rotate content) like it is on your external hard drive, e.g., I might not want to watch those Rivette movies in January when they're available, but in July when they're not: I want 'em.
I've considered just going to Roon for music, since I'd have to tag very little at all, and JRiver for video; but I like having everything in one place, plus all the JRiver features.
Anyway, my two cents.
