Another vote for a power rack and barbell. I think people like machines because they're scared of getting hurt by falling weights but they make super nice safety straps now. You can train the squat and bench press to failure in almost complete safety now. Here's a picture of my basement setup, you can google instructions to build the platform.

Pics: https://imgur.com/a/GJuqCWy

Nice setup! I'm jealous. (That's a Rogue rack, right? I recognize the pin spacings.)

I surmise the injury rate using machines at comparable weights is almost certainly higher than with free weights. (Injury rates from free weight training is extremely low regardless, lower than almost any other sport.) The resulting adaptation is also, of course, far superior.

Indeed, it's a Rogue R-3 "Shorty". I would recommend a Rogue Monster Lite or Monster these days, the R3 line isn't getting the same support as before.

I agree completely about the advantages of free weights. Learning how to deadlift has been life-changing for me.