@Silas, I agree completely (I've been dragged into an IT support role too many times and know how much fun that can be...).
Now, I'm pretty serious about my images, many people just shrug and can't be bothered. That said, I always keep files in their original, non-lossy format (mostly RAW, occasionally other formats such as PSD or DNG, depending on how they were generated). Most devices I use these days generate a RAW+JPG (so I get two versions of every shot straight out of the camera...even before the backups start). The automatically-generated JPGs are handy for casual viewing while away, and sharing with others before I get home. Once settled at home, I'll review everything but only mess with a small number of shots; I typically tweak those in Lightroom or Photoshop, but only work on copies, always preserving the original, unmodified originals.
I'm in the school that says you need 3 copies if you care about those photos: the originals + 2 backups...one of which really should be offsite (a different physical location, in case your house containing your backups burns down....it could happen!); cloud storage is OK for that offsite backup (though you really want fat pipes for that). I have a LOT of photos (mostly from travels) preserved, going back over 30 years, all readily accessible (and fully backed up!).
I admit to sometimes shooting in burstmode, which makes the frame count and storage requirements explode, and certainly complicates managing things. I remember the first time I really went crazy with bird photography (pink flamingos in Sardinia), I came home from that trip with something like 30,000 frames. Must...resist...holding...down...shutter...button... I try to avoid that except for when shooting wildlife, especially exotic birds. Last trip to Thailand we had a bunch of Hornbills that settled into the trees right outside our cottage every afternoon. I got a few really nice shots of them, but...there goes another terabyte. Yeah, that burstmode setting has allowed me to get close-ups of flamingos preening, puffins in-flight appearing to magically hover, and hornbills "kissing", but that long lens does get heavy.
Storage is cheap. Losing your treasured photos is not. That reminds me, time to run the backup on the big external drives...