I’ve a Dreame L10s Ultra flashed with it, very happy with my purchase. A bit scary to install everything but if you read the instructions before doing it you should be fine :)
A few months ago I bought a second hand Nvidia Shield TV (€40), flashed LineageOS on it. Very happy with the device, especially the performance.
I use Jellyfin, SmartTubeNext and some VOD TV apps from my country. I’ve Adguard Home on my Proxmox server (can also be a Raspberry Pi) that I use for DNS adblocking, so we can watch VOD TV without any ads. Works really well :)
We’ve switched to this from cable TV and my family loves it, we can watch anything we want without any ads and FREE!
Only problem (not for me) is that Netflix doesn’t work on it without GAPPS.
“Cloud” storage is indeed more expensive. But depending where you live, you count the electricity cost in, and you use the storage ‘only’ for backups. Maybe it makes more sense to pay for remote storage in a datacenter. Check out Hetzner Storage Box, it’s what I use.
If it’s still too expensive, maybe ask a friend or family member (maybe someone that uses your media) to setup a nas at their home for backup purpose. (I use this for my media)
Make sure you encrypt your backups if you use a remote location for your backups.
You have to decide what’s valuable for you. For me my media is, I can just download everything again, but the time I put in to have every movie the correct subtitles without ads, the correct posters, metadata etc. I value my time, I don’t want to do it again if I loose everything.