Good morning!
~bartender? Just coffee with cream and sugar, water on the side. Thank you!
I'm on the "I want to own the stuff" side myself. I have a cabinet full of vinyl albums and a few drawers full of CDs. I still try to replace the abandoned cassette tapes with LPs or CDs if I can find them in the second hand store. The most important effect in my not so humble opinion is this: Having a physical item in my hands renders any discussions about (not so) legal copies moot. It also solves the issue that $provider cannot delete my copy of $item from remote.
The thing about discovery of new music is not so important for me any more. Any time I inspect the drawer, I will find something I have long forgotten about. :) And I have found out, that wikipedia deep dives starting on the album on the player yields any amount of interesting connections and information and "Oh, maybe I should find one of those!" Highly recommended. Or did you know, that "The music goes round and round" helped the Decca label to get big? In 1935 or so? It's a nice little song ... go find it!
https://en.wikipedia.org/wiki/The_Music_Goes_Round_and_Round
If I don't like something any more, which happens, I can always give it away. There is still this second hand shop within reach.
PS: I do agree to the "magic moment" observation. The situation in which a particular song or piece is encountered, might not be repeated again.