That's debatable and certainly not a given. The number of people who sit at home in front of a properly set up Hi-Fi system to listen to their music is a vanishingly small percentage of all people listening to music. In any case, few adults have the auditory capability to differentiate between any such differences.
Right, but with CDs, at least the option is there.
There's no reason why not. The same equipment can be used to either play streamed music or CDs. In both cases it's the same digital source, except that one is read off a CD and one is downloaded. Both require DACs before conversion to an audio signal.
The reason why is your phone. The DAC in your phone is not the DAC in a high-end receiver. So unless you can find a way to stream your Apple Music or Spotify or whatever from some other device that is up to that quality, you're kind of stuck.
Also, even WAV isn't 100%.
With streaming, you only pay for what you like (and you get everything else ever recorded (almost) for free).
No, you're paying for
all the music on the service, not just what you like. If you were only paying for what you like, you'd be paying a lot less per month.
Ditto streaming services with the benefit that you don't have to "take care" of your purchases.
No. You only have access until they take that access away. What makes you think any of the current services are going to be there in forty, fifty or sixty years? That's a bit presumptive. But physical media, on the other hand, if taken care of it, it will be there until you're gone.
This was a thing in the days of 12" LPs. It's never really been a thing with CDs (but I do acknowledge that there are notable exceptions).
What? It was
quite the thing. Everything was in the CD booklet, and back when they were the
thing, people use to take them out while listening and read along with the lyrics, study the art etc. Sometimes, there was even more art in the CD booklets than there was in the LP.
It's just
called a mixed-tape. Any collection you make on piece of physical media is called that.