This. With a proper backup strategy, you are reducing the probability of a catastrophic sequence of events. It becomes P(some unlikely event) x P(some other unlikely event) x ... Etc. for as many events you can think of and/or can afford to mitigate.
As you say, the risk will never be zero. And even the best-laid plans can fail - the Gitlab incident a few years back saw five layers of backups and disaster preparedness fail.
Really, all you can do is backup your data using standard methods, and TEST THE RESTORE before you need to rely on it!
I basically throw every YT video I watch into TubeArchivist. The browser extension makes this a single click. Currently have over 5TB of YT videos saved, including whole channels.