There is nothing wrong with that method compared to physical media, with caveat(s) applied for folks like myself.
1. It can be a bit difficult to track to a lossless copy of most music
2. It can be very difficult to get 4k in high quality - we're talking about 15-50 GB of data or more
The reason I bring these up is that it takes some hunting (fishing, if you'd rather) to get better than "tolerable" quality in this fashion.
So getting a solid level of quality can take some effort. Then there is the bit of potential legal issues....
I pay for 5 different A/V streaming services, and TIDAL for audio streaming, and the better your playback equipment is, the more you notice that all video streaming is a compromise at best, and TIDAL doesn't have a completely lossless music catalog. A lot of it, but nowhere near 75% even.
I do the streaming option now, because for movies, I only get what they offer for quality, and it is normally 1080p or 1440/4K with a good quality surround implementation. The compression used often does hamper video quality, but the streaming services offer a baseline audio and video quality that is well above "tolerable". So - low personal effort, but zero ability to get true blu-ray quality.
With the 'fishing' version, you just need patience, time, and some personal effort on a consistent basis, and it is likely that one can get even lossless rips of almost everything you'd want.
For me, I have (barely) enough money to pay versus losing some of my time and putting in the effort.