It depends? In something like a 800TB Ceph cluster a failure of a single 20TB drive is not felt at all if configured redundantly enough. Then it does not matter how long replacing it takes, only how many bucks each TB costs and/or how much electricity each drive needs.
If the cluster as whole can stomach the drive failures without losing data and is overall fast enough, there is no need to run many small drives where running fewer big drives is cheaper.
Every application will have different trade offs
I guess if you have it all backed up in S3 it's fine, but if you put this thing in a NAS and one drive dies, your NAS is going to spend the whole week rebuilding where it's running at 100%, and another drive dying during this means data loss.