Ask HN: Best advice for digitizing a media library

I've decided to finally get on with the times, and rip my collection of over 2,000 CDs and over 300 DVDs. I can hear a difference from an mp3, and I don't like it; I can sometimes hear it even in AAC, but I can't justify the physical space these things take anymore. Yet, I do not want to switch to Spotify/YouTube/Amazon/NetFlix, because many of these are special releases, director's cuts, and other not-usually-available-on-streaming-services stuff -- and these services often have lower quality streams even for popular stuff.

I want quality no less than my CDs (most of which are releases from before the loundness wars or its early days) and DVDs that preserve all the features (multiple audio and subtitle tracks, disc menus, etc), and of course a reasonable interface. I'm planning to go with FLAC/ALAC for the audio, straight copy for the DVD, and no idea yet how to get a copy of the covers other than scan/photograph them. Even if I store all CDs as WAVs and DVDs as-is I'm less than 4TB - which is ok, but it feels like there must be a better way?

What would HN recommand?