If by “too late” you mean “too late to get popular, rich or famous”, well sure, it’s going to be a lot harder now that there are enormous channels that got there first and where people are used to going for content, but if you have something that people want, there’s a chance people will find you eventually.
But that’s still not to say you’ll be big and famous. There are streamers who have been streaming for years who get only a handful of viewers every time they do. And yet they still do it because they love it.
On the other hand, there are many, many people who started streaming but quit because they had to make a living and their time was better spent elsewhere. Streaming only works as a career for, I want to say, the top few percent. (I don’t actually know the figures, but I’d be surprised to learn it was a big number.)
As for equipment, I’ve looked in on smaller channels streaming on Twitch. Not all of them have good stuff. No transitions. No Vtuber avatar. No mic. No webcam. Just raw, live game footage and maybe a little interacting in the chat. Upgrades can happen later.
But if by “too late” you mean that no-one should even think about starting doing streams ever because it’s all been done, or someone’s already doing it, then no, of course not. The day it’ll be too late will be the day all the streaming services shut down.
I still backup my files the most basic way, that is, create an archive locally, connect external storage and copy it there. Then disconnect external storage. The archive is made onto a separate internal drive and I keep the most recent one there, so I don’t even need the external one for minor accidents.
I think only once in the last decade or so have I wanted (but never needed) to pull something back from external, but it’s nice to know it’s there.
The main downside to this method is that it doesn’t de-duplicate, so keeping several takes a lot more space that it would do otherwise.