Hi Guy,
That’s exactly it: Me too, I was hesitating to beef up my iCloud storage plan from 200 GB to 2 TB, but I made that move at some stage and don’t regret it at all. At the end of the day, we moved from 3 individual storage plans amounting to 7€ per month to a shared family plan for 10€ per month.
Now iCloud Photo Library is my master where I store raws and modified jpgs, and I do export raws and final jpgs to a RAID NAS, plus iCloud Photo Library is also being backed up via Time Machine.
Overall, I am super happy with that setup.
Cheers,
Erik