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Not really. Disk is king now since S3 storage took the crown when cloud services started offering cheap archiving. Anything still on disk from the 90s is some neglected archive that has been deemed by the company to have no value.
I would assume they're finding this out now because they're trying to feed their whole archive to the AI beast.
Disk is king when you need lots of active storage.
When it comes to archival Tape is king. I would never trust an HDD to be left unpowered for years like you could a tape cartridge.
And a single LTO9 cartridge can hold 18TBs for dirt cheap compared to the equivalent HDD
S3 Glaciers practices are secretive, but it's almost certainly tape based
I don't disagree with you that tape has a different value prop, but I sell backup systems and almost nobody I sell to uses tape anymore. The truth with tape is that it's a cheap media, but you still need to pay someone to vault it for you, it cannot be accessed easily, it makes physical moves which cause damage and tape drive tech is still one of the most complicated things in the Datacenter.
Most companies I deal with want the data to be "online" in at least some form that can be easily accessed for AI, lawsuits, new research, business continuity, etc. Tape allows none of that, and so the value of it is pretty limited. The truth these days is I can stuff a TB of data into cloud archive, with instant retrieval, for really, really cheap, with like 99.99999999999% data durability guarantees.