All magnetic media will degrade, of course. Tape and hard drive storage systems have that in common. Tapes are susceptible to problems from being left poorly wound. Data loss seems to be reduced when they are stored "tails out" on the reel, and increased when they are stored poorly tensioned. Those aren't considerations for hdd's.
However, hdd's add mechanical and electrical failure to the mix. The magnetic media will degrade. And the mechanism will become less reliable. Sadly, all the information I've seen on HDD life assume they are powered on and in use. What happens when you put it on a shelf? It isn't being stressed, but organic components could still degrade - seals, bumpers, cushions insulation or what not. Most of these components could be made with stable components, but were they?
A big honkin' RAID may be the best long term answer. Perhaps in the cloud.
All of which gets back to another issue. Will the data formats you're using be readable in a decade? Or two? History suggests that even if you can read the media, you may not be able to access the data. In the long term, aggressively updating data formats may be needed. Or, even if you have a computer with an 8 inch floppy drive, can you read the CPM disk and make use of the Electric Pencil files? Yes? OK, how about files from your ancient Radio Shack computer, your TRS80?