I have two servers, a >100TB rack-mounted Supermicro archive that doesn't get fired up often, and an Intel NUC that runs 24/7 but only draws 5W at idle. The NUC with its mere 4TB SSD is only for content I'm actively watching which gets deleted immediately afterwards. Running just the Supermicro made more sense when I had a terrible internet connection and had to wait for everything but I moved to an area with 1Gb+ connectivity a few years ago and subsequently needed to save on energy costs.

I feel like the real question you want to ask yourself is, "how likely is it that this particular content will still be available on Usenet/torrents in a few years?" Some stuff is much more niche and rare while other movies/shows each have over a dozen redundant releases, at least a few of which will more or less always be available somewhere. To put things in perspective, it also helps to do an analysis of how much you're spending each month in order to avoid what you would be paying in streaming and licensing costs, including hardware, power, and connectivity. If that ratio gets too high then it's time to scale back.