It depends on the kind of load and the job. Harmonic drives tend to shear teeth if they get a shock load. It's good to have a back-driveable gear train, so that if the arm hits something or is overloaded, the forces push back to the motor, and the controller can see them and stop or deal with the problem. For something like a pick and place machine, you don't need that, but if you're trying to put screws into holes and might miss, you do.
3-phase servomotors (which used to be called "brushless DC servomotors") are much more available than they used to be. Drone motors are tiny 3-phase motors, and can be controlled as servomotors. The drone industry has done a lot to make such motors cheaper.
The controllers are much smaller and cheaper now, too. They used to be the size of a book or worse. But they're still more expensive than they should be. I was once at a trade show talking to a rep from a motor company I'd used, and noticed they now sold controllers, too. He said, yes, they had to get into the business because others were selling controllers for 10x the cost of the motor, and they cost about the same to make.
For a long time, you had to bolt the encoder on the back of the motor, and encoders cost way too much. Motors with built-in encoders have become more common.
"RC servos" from model aircraft are cheap, but crappy actuators. They're advancing from 1970s pulse width modulation control to 1980s serial, and for under $20 you can now get some force feedback.