Have you read that the thing to do is to digitize your videotapes to lossless FFV1 files and then put them on LTO magnetic tapes to store in a vault? Does that sound about right? It is what others are doing. But for you, perhaps doing that is expensive and obtaining the funding is not particularly easy.
It is the year 2021 and the keyword for this century is accessibility, specifically online accessibility. The days of warehousing media are being supplanted with a need and desire to repurpose it and make it accessible. Creativity is coming into play where many are discovering ways to monetize their media through licensing, advertising and media repurposed as "information product".
Is it better to preserve or convert an old media archive to an accessible format for viewing and use on modern technology? Preserving an NTSC interlaced 525 line anamorphic image to playback on a cathode ray tube might be useful for an exhibit, but it is not useful to be used with today's technology. Today, media is being deinterlaced and scaled to playback on high-resolution monitors. Preserving it to play on obsolete technology seems ill-advised.
All content has value and it becomes more valuable when it is accessible. Preservation is important, but it is hard to do when there is no funding to do it. It is time to be creative and prevent the permanent loss of a collection due to degradation. The time left to digitize is passing. Many videotapes can no longer be played. If that makes you anxious, it should. In many cases, the choice is to find a way to monetize the media collection or watch it deteriorate with its only pathway becoming the dumpster.