My latest thoughts on this...
Vinyl can sound wonderful and it has huge nostalgia value. I grew up playing vinyl and then CD alongside once it became more affordable. I've never moved away from CD but vinyl has been in and out of my system several times over the years, though I've always kept my LPs, now numbering around 300. My CD collection is currently over 10x that. My turntables have ranged from entry-level Projects, Regas and my current Pioneer PL12D, all the way up to a Thorens TD150MkII in a new plinth, a Project Classic and a Michell Tecnodec.
I became interested in non-physical formats relatively early on, with an iPod and dock and then with a Squeezebox Touch plugged into my hi-fi. The latter was capable of good performance and I enjoyed it until Logitech ceased further support. It then took me some time to get back to using streaming and over the past few years I've tried Yamaha MusicCast, HEOS, Bluesound and now WiiM, and it has progressively become more important to my listening.
I'm fed up with the cost of LPs, both new and secondhand, and how space intensive it is, as well as having had numerous pressing issues (including warped records) with new vinyl. I'm also tired of having huge physical collections with a great deal sitting on the shelf untouched after early listening. There's a core of albums and recordings I regularly return to (mostly on CD), but the bulk of my listening is now through the WiiM Pro using Qobuz and Presto Music's superb classical and jazz service.
My current system sounds as good as any I have had, and that's saying something from a £150 streamer, £250 amplifier and £500 speakers (although they do seem to be more expensive at the moment), and bearing in mind some of the kit I've had. I'm planning to add the Cambridge AXC25 CD player when I can so that I can enjoy the CDs I keep, but I'm very close to leaving vinyl behind and thinning out my CD collection to a core 500. My CD buying has virtually come to a halt this year, and I'm buying only the new releases that I know I will listen to regularly. This year that has included the new Natalie Merchant and the two new albums The Coral released last Friday, one of which is only available on a limited run of vinyl and CD, and not on any streaming service. I'm avoiding the increasing number of 'extra-special' reissues now. I have many (including the big Caravan box-set, the BJH ones, Fleetwood Mac, CSN(Y), Neil Young etc. as well as various big classical sets), but it's the original album and recordings that get repeated listening rather than all the extras, and they're very expensive.
My Dad (who got me into all this when I was a kid)has come to a similar conclusion. His listening is more near field than me, so he has just bought the new Ruark R160. He is very pleased with it, and streaming has opened his listening up immeasurably.
Ultimately, the music itself is far more important than the kit or the format, and so is wider life - spending time with friends and family, and experiencing as much as possible.