Unfortunately many game disks only contain a downloader nowadays and you often need to bind them to an account to play. Plus the version on disk without updates is probably buggy. Baldur's Gate 3 Collector's edition is an example that has a disk, but isn't really any better than a Steam key.
On the other hand you can back up a DRM free download, like the games on GOG, despite these being a purely digital download.
So overall I don't think the physical form matters that much compared to DRM.
It's disgusting how a previously open platform for gaming (PC) was turned into what it's become with Steam. Young people either don't know or don't care that it used to be the norm to buy and install a game without a middleman "service".
[dead]
I'm not sure how BG3 Collector's Edition might be different, but the game is DRM-free on Steam.