The product I would like is a photo album with an indexing and web interface components, and plugins to make sense of different phone platforms. Nannies love to text videos and getting those off the phone has been a pain; I end up saving the whole iOS backup and scraping any media looking files from it.
I have to imagine you're usage is an outlier here.
I doubt my usage is an outlier. But I suspect that I keep more video than most people just because I can.
At some point I might start thinking of re-encoding the originals, but so far storage is cheap to have locally, and I'm going to see how long I can keep this up.
I have a 2TB iCloud plan for my iPhone X. The phone is set to "Optimize Storage", so it will de-scale old "local" pictures once I hit ~256GB.
In the background, I also have the free and unlimited version of Google Photos running. It automatically uploads everything, including videos. Videos will be scaled to 16 MP / 1080p, but I'm not complaining since it's free.
I haven't hit 2TB yet, but so far it works. I also have a 20TB Synology NAS setup, but have little desire to run my own photo storage/hosting. The Photos app on my MacBook Pro also is set to download everything via iCloud Photo Library, so that's also backed up to the NAS via Time Machine.
Frequently there are proprietary things that aren't included in the library. For example, if you become dependent on Google Photos ability to recognize faces and objects, you tend to stop bothering to tag photos manually so when you export everything all you have is a big pile of unorganized photos.
Why would you want to increase risk of losing them all at once?