There is one upside to big platter drives, price per TB. The performance is not as good as SSD and if you have one die on you, you lose a lot of data. So you do RAID or backup but then if you have one die on you, the repair/rebuild/restore process takes a long time.
That said, for bulk storage of media, you don't need the high speed of an SSD. You're watching the movie, not rendering/editing it. It's fine if you only get 120-150MB per second performance at peak. Even the most high def video is only like 40-50MB per second, well... 4k blueray can go up to 120MB or so but still well within what a decent spinning hard drive will do. If you encode it to h265 or av1 that bitrate goes way down.
So, if you are ok with the potential loss of a TON of data in a single drive setup or the time for restore or rebuild in a RAID or backup restore scenario, and you are using it for just bulk media storage, then yeah spinning drives are still hard to beat if you care about the price at all.
The alternative is basically a bunch of SSDs at higher price and the complexity can result in other failure modes and duplicate storage, usage problems and other expenses, etc.