You also most probably wouldn't hear the difference between high bitrate mp3 and flac, unless you are genetically gifted with superior hearing and use expensive headphones on top of that.
But I guess its easier to shell tons of money and complain later rather than work a bit on managing your music collection/expectations.
As commenter above noted, you probably don't need lossless audio on your portable device if you only listen through earbuds, but if you use connect it to some good speakers or high quality headphones, then why shouldn't you be able to?
As for the quality difference in general, I ripped my own CD collection at lossless quality many years ago because given the choice of the same quality or worse quality that I may or may not be able to discern, it's seemed more logical to take the former. The lost data would never have been recoverable later.
How should I store my lossless audio files then? I have a 6s and I am continuously having issues with space but I won't give up the jack port and nothing can change that. HiFi audio needs additional 10 years before it becomes viable on wireless (battery times, quality, etc.).