I run a fairly large homelab (probably ~10 nodes when including OPNSense routers, backup NAS at our cottage, etc.), and hardware failures have been incredibly rare, especially compared to what it used to be a couple of decades ago (I had quite a few motherboards fail due to blown capacitors due to the stolen electrolyte formula scandal).

Hardware failures tend to follow a bathtub curve: there are more frequent failures early on due to manufacturing defects, then they become rare until you reach the end of the natural lifespan of the equipment. That is shorter for some components (spinning rust HDDs, fans, CMOS batteries, power supplies in noisy environments), but extremely long for others.