Deep freezers don’t cost that much to operate, and in cooler climates, cost even less to run in a detached/attached garage.
But yeah, you need the space.
I think it’s usually a bigger family that goes in on it and spreads it out across their kids/nephews/nieces, etc.
I know I’m happy that someone coordinates it and just asks how much I want and here’s the price.
Most of the cow becomes ground beef.