I prefer a separate music player, primarily due to battery drain. Nowadays, I work from home and use my cell phone for business. I often drain my cell phone battery on lengthy conference calls. So having music on a different device is useful.
I use a 5th Gen iPod Touch with 32GB. I have ~35 years worth of CDs stored on the hard drive of my Windows PC using iTunes lossless format I use a more compact MP3 file format for the iPod and it holds most of my collection. Backups consist of a spare hard drive stored in a fireproof container plus the CD's themselves. I think I have maybe half a dozen electronic albums with no CD associated with it. The only downside is I have to boot up the Windows machine to update the collection. I normally use Linux.
I kind of drifted into that setup and see no need to change it. Which is good, because I'm locked into iTunes unless I want to re-load all those CD's in a different format.