And yet we save movies to h.264 or WebM and save photographic images to JPEG.
Lossless formats do have their place but it's not as if lossy formats literally sustain bit rot; they lose information one time and that's it. Unless, of course, you convert lossy formats, but you should know not to do that.
If you do have to convert between lossy formats or absolutely need every bit of data (e.g. RAW photography) then that's one of the places you might find lossless archival storage useful. But most uses don't need it at all.
You can convert lossy formats but there is no way to tell how the artifacts will interact.