I understand the desire to have things digitized for retrieval and playback on multiple devices. However, I take the opposite view of yours.
Anything I care about I buy on 4K blu-ray in Dolbyvision for the sole purpose of watching it on my 77" LG OLED TV with surround sound stereo. For example, I'm not going to watch Dune 2021 on my phone or tablet, nor am I going to watch it on my PC. Same thing with Ready Player One. These are fantastic visual and audio treats that should be enjoyed in their full glory.
Also, once the disc is purchased you get a digital copy that you can access on any device, if desired.
How much video and audio compression does your digital conversion introduce?
How long does it take to convert a 2 hour 4K movie?
I think you have the wrong idea about digital rips. They are identical to the file you watch on your Blu-Ray disc. No change to compression, 4K, Dolby audio, multiple audio streams, subtitles, etc. I personally only keep the movie and the main English soundtrack as that's all I'm interested in, but you can keep whatever you want. You do not have to reencode the audio or video unless you are wanting a smaller file size or different file format. I usually convert mine to h.264 MP4's under 5GB or so to save drive space.
I store the video files on my computer hard drive where they can be backed up regularly. Then I stream them over my home network using a Zidoo Z9X media player. It's connected to my 4K TV and receiver sound system. Unless I told you, you would have no idea you weren't watching the original disc, except you don't have to hassle with all of the menu's and whatnot.
It's also easy to browse through your entire collection and select the show you want to watch. No getting up to take the old disc out, putting it in the case, putting the case in the drawer, pulling out the new case, remove the disc, place it in the player, and go sit back down.
You can even download cover art and descriptions if you want a fancier experience (I usually just browse a text list as that's my preference).
It has been years since I've ripped a disc, so I can't remember how long it takes. Maybe 30-60 minutes per disc? Wild guess, I could be wrong.
I also use a HDHomeRun to record TV shows from an antenna (using Comskip to remove commercials), and I have videos I download from YouTube or other sources. I also have our collection of home videos we've made of our travels over the years. I can easily select any show or movie to watch from the comfort of my living room couch.
I have never watched a movie on my cell phone, but I have converted a few movies to a smaller size that I can watch on my tablet while traveling. However, we usually take tech-free vacations, so that's a rare thing for me to do.
It just makes things more convenient and gives you options.