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Respect to anyone still managing a library of mp3s
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Go FLAC or go home.
FLAC is a meme for 90% of use cases out there. The difference in sound quality between a .flac and 320 .mp3 is imperceptible to the majority of people and needs thousands of dollars of listening equipment to become apparent. The file size is drastically different, though. Not to mention the fact that almost all music is recorded in .wav files nowadays, and the "lossless" versions are usually just synthetically upscaled for the audiophile crowd.
Not to say that I don't prefer to download FLAC when possible, but I also don't avoid non-lossless albums either.
WAV and FLAC are both lossless, the reason people use FLAC is because WAV doesn't (or didn't) have good support for tags and FLAC has lossless file compression while WAV usually is uncompressed. There isn't any sort of "upscaling" that is done.
Personally, I think a quality v0 or 320kb/s MP3 is perfectly fine for listening but I'm always going to prefer storing lossless audio so I can convert the files to whatever format I want/need. I've moved around between MP3, AAC, and Opus for different devices and if I didn't have the FLAC files I would either have to redownload files or do lossy to lossy transcodes