Retired. Now you are speaking the language of most of the frequent contributors 😁
So now you are spending your 401k and IRA money.
If you want the storage to archive stuff so that you do not loose it, and you do not want to put it on your Mac's internal hard disk, they multiple external storage devices. And Google drive can be one if you like.
Your 300 CDs are going to take up at most 200 gigabytes of storage (most likely less as albums do not always use all the space of a CD).
If you do not want the Ripped CD's on your Mac's internal disk, then an archive disk that has its own backup. Time Machine can include multiple disks to be backed up. In fact unless you explicitly exclude external physical disks, Time Machine try to back them up.
If you are going with an external archive storage for your CDs and anything else you want to save, then figure out the size you need. Given the current storage market, then a 1 or 2 TB external drive, either rotating disk (less than $100) or SSD/NVMe storage($100 - $200) is not too expensive.
Once you know how much storage you need to backup (your Mac's storage and your archive storage), then buy 1 or more external disks that are at least twice as large as all the storage you need to backup so that Time Machine has extra room to keep several generations of incremental backups, before it has to start purging older stuff.
As mentioned before, Time Machine can have 1, 2, or more target storage devices it it backing up to. It will just rotate around the target disks each hour when doing its incremental. So you have backup in depth.
Under no circumstances should you consider a backup utility as an archive, even if the utility keeps older versions of files, because eventually the backup utility will purge files that are no longer on the source disk(s). If you need an archive, you have a dedicated disk(s) for the archive, and you make sure they get backed up as well.
Now if you want to talk about using a NAS instead of direct attached disks, then that can be put next to the ISP router/WiFi device, and you would access it over your home network. So a NAS does not need to be next to your Mac.
And since you mentioned weak signals. Getting a WiFi Mesh network might give you better WiFi performance, instead of a repeater. Although if the repeater is positioned so it gets a strong signal and then provides you with a strong signal, that would be good.
Oops. Wife just called me for dinner.