One should ask WD Tech support directly about the future of the My Cloud Home (MCH) because they will not announce it until the time has come. And yes, the MCH could lose internet connectivity as shown by the announcement for the EOL support of the ibi Photo Manager which uses the same firmware as the MCH.
This post above was not meant to be a review of the features of the BeeStation and one should read the various reviews on the BeeStation to understand the capability of the unit, but suffice it to say it does support access to the USB attached storage both by webapp, mobileapp as well as locally through Win, Linux and macOS SMB support (see ‘usbshare1’ from the Windows Explorer pictured above).
There is a BeePhotos app that allows viewing photos and videos but Plex is Not supported and there is no other Media Server as of this writing (Sept 2024). The BeeStation was designed to be a personal cloud storage device and not a Media Center and for the media feature, one should look to some other entry level NAS with proper capability to support media streaming.