Hardware RAID is worth the money when uptime and performance are important. I've seen good RAID cards keep a server running where native direct SATA would have brought the server down.
As someone who used to use both in production for many years, I do not miss the days of hardware raid. No contest. Would never go back. The fancier and more expensive the worse.
The advantages were always theoretical and the disadvantages were always real. It caused way more problems than it solved or prevented, and the problems are worse because you are essentially powerless to address them.
With software raid you have the control to address problems even when you fall off the happy path, and infinite flexibility wrt hardware and emergency recovery.
In macro, hardware raid is less reliable, not more. Performance is no better than a draw, not better.
The problems with "hardware" RAID are the proprietary disk formats and the need to buy multiple RAID cards in case one fails, as you may need to have the same vendor/version for it to be a straight swap and still keep all your data. There can also be issues with drivers, especially if the "hardware" RAID is partly implemented by the driver. I've had issues in the past with needing to put hardward RAID drivers into the initramfs of Linux boxes just so that they can boot.
With software RAID, you can just plug the disks into other servers without those kinds of problems.
