The benefits of ripping are mainly having your own digital copy and not having to rely on constant recurring streaming charges (especially if you are on a capped bandwidth internet connection) …unless of course you are already streaming using the likes of Q/S/T etc
The way I see it, the main purpose of ripping is to back up you physical media, which is subject to breaking/fading/getting lost/etc.
I would add that my purchasing pattern for physical media has changed since subscribing to a lossless streaming service. I now tend to go after content or masters that are unlikely to appear on a streaming service. For example, reissues (often out-of-print) from Mobile Fidelity Sound Lab, Audio Wave XRCDs (incredible sound), SACDs, blu-ray audio discs, Classic Records DAD and HDAD (DVD-Audio) discs, etc.
I just get what I like, on CD (promptly ripped) or red book download, hi-res only if that’s all they have (like Bandcamp). It supports artists, it’s mine forever, regardless of what happens with the service, and I can stream locally, regardless of what happens with my internet.
XLD
FLAC
Yate
My .02