It depends on what you consider "lots" of data. For >20tb yes absolutely obviously by a landslide. But if you just want self-hosted Google Drive or Dropbox you're in the 1-4TB range where mechanical drives are a very bad value as they have a pretty significant price floor. WD Blue 1tb hdd is $40 while WD Blue 1tb nvme is $60. The HDD still has a strict price advantage, but the nvme drive uses way less power, is more reliable, doesn't have spinup time (consumer usage is very infrequently accessed, keeping the mechanical drives spinning continuously gets into that awkward zone of worthwhile)

And these prices are getting low enough, especially with this NUC-based solutions, to actually be price competitive with the low tiers of drive & dropbox while also being something you actually own and control. Dropbox still charges $120/yr for the entry level plan of just 2TB after all. 3x WD Blue NVMEs + an N150 and you're at break-even in 3 years or less