The Apple Mail app on iOS and MacOS is pretty decent. No need to use the official Fastmail client (if you are on Apple and prefer the simple Apple alternative).
I believe the major problem is having your email attached to a big tech general account. If your son decides to download a pirated game to your iphone, out whatever other unrelated minor offense, and Apple determine it's worth nuking your entire account, your email is gone. Granted, Google is worse at this matters, and when you own the domain at least you can point it to somewhere else, but it's still a hassle.
Losing backups is problematic, but IMO the bigger issue is losing access. I care 10x more about emails that I haven't received yet, compared to my history. I am still not wanting to lose that history... but it is just not as big a deal.
The only way to cover that case is run your own mail server.
I've done that in the past, don't recommend it unless you have a real need and know what you're doing. It wasn't hard, but just extra work that I wasn't sure was worth it.
I recently switched things to an iCloud custom domain that I access through the Spark iPhone and macOS apps. It’s been an upgrade, though I’m still in the stage of finding and switching over accounts that use my gmail. I feel like that will never end.