When I first came into the computer scene for good and a part of my life in every day affairs, the red floppy disk shown above where the popular ones, with the smaller blue 3.5" size just coming out.
Many computers did not have hard drives and to have one was costly - and they came in sizes smaller than 20 megabytes! To have one of these in your computer put you in the top of the computing world! Even more if you had a mouse and a CGA monitor!
My first computer did have a hard drive, but a monochrome monitor and no mouse. It had 128 megabytes of memory (considered high for the time!)
Floppy disks belong to this age and unless you are a computer history enthusiast, don't bother.
Finally...
You've NOT backed up you data and you're getting warnings that your hard drive is going out! ...
It's a good time for me to review this area also. i work as a songwriter & music producer and my operating basis for recording is to keep all audio & production files on an external drive which works more efficiently with the production software.. so in this situation i also need a back up of my external drive..
On a kinda related topic i just implemented the use of the WordPress plugin "UpdraftPlus Backup" to automatically do a full site backup to my Google Drive once a week.. it does make you sleep a little easier at night :~)