That is absolutely identical to my audio philosophy of stored music files after 64 years of being seriously into the hobby. I started in the 1950s with my parents 78 RPM shellac and 33 RPM "Microgroove" vinyl "microgroove" LPs , moved up to stereo LPs, played with R-R tape (but did not buy pre-recorded R-R recordings). I used cassette tape for car stereo for many years, then moved on to CD's, and finally, 10 years age, ended up with LAME-encoded VBR MP3s.
I no longer chase unicorns, although I am still fascinated by the various paths and wide variety of methods and technologies employed to recover, interpret and deliver to one's loudspeakers an accurate, high-fidelity audio signal. I am quite confident that, with perhaps an occasional rare exception, in a double-blind ABX test, I could never tell the difference between my choice of digital format and those with higher resolution.
My system is fairly modest, but with very high end-to-end fidelity to the audio signal. Neither my EL34 PP vacuum tube amplifier nor my solid state ICEPower amps add audible noise or distortion to the signal. Indeed, pretty much anything in the top two-thirds of the ASR electronics ranking charts will provide an uncolored, distortion-free signal to your speakers in normal, non-exotic systems. And that leaves the last stage of home music reproduction as the final area where the difficulties of attaining a flat frequency response and a smooth, uniform soundfield lies - loudspeakers and room interactions.
When I retired to Panama in 2012, I ripped all of my 320 CDs to VBR MP3s with the paid version of FreeRIP. More recently, I used the truly excellent and fast Chinese freeware - "
Format Factory" - (which incorporates the latest LAME encoder for MP3s) to convert all of my remaining 192/24, FLAC and 256/320CBR MP3's to that same format. At age 80, but fortunately still able to hear up to 10KHz, it works for me, but if were half my current age, I think my current choice of format would still be a valid one.