I use a Synology NAS running LMS, doing up- sampling with my RPI4 and that works well.
The main connectivity issues I have had have been WiFi related.
I have previously run LMS (comes with Picoreplayer) on a RPI3 with a 500 GB SSD attached via a USB cable, which also works very well and doesn't need a separate power supply that an external drive would. You could thus use an RPI as a low cost NAS.
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Cheers
Alastair
RPI4/PI2AES running PiCorePlayer/LMS-> AQ Carbon AES -> Topping D90 DAC-> Khozomo Passive Pre-Amp -> 4x Temple Audio Monoblocks powered by 2xLiFePO batteries->Van Damme Black Bi-Wired to B&W 804 Nautilus and Sommer Carbokab 225 Interconnects