There are plenty of people who do 1:1 backups of movies and music. It's extremely convenient. I don't handle any physical media more than once. It keeps the house tidy and the disks in pristine shape if I ever need to re-rip.
Around 6 months ago I had a similar problem to the story. My media drive died a sudden death (Seagate drive, never again). I had all of my family pictures, home movies, music, and movies on that drive. I had done backups and stored them remotely and was able to recover most of what I had. A few re-rips of some movies and I was done.
The time investment necessary to rip a 1:1 copy for a large collection is not insignificant. I probably should setup raid + parity at some point but right now I'm only doing a clone of my stuff. I don't have bandwidth capacity at home to use any sort of cloud storage.