My own approach has always been - and will remain - to do all edits in 16-bit LR (then Photoshop if necessary) before converting the pics to 8-bit jpegs of highest quality ..... then deleting the RAW and PSD sources used to generate the jpeg exports. Well, not every RAW is deleted - those that I rate highly (for various reasons, not just their photographic technical quality) are retained as RAW files for possible later re-edits.
This is heresy to some, I realise. But look at it this way - I would never have the time (or inclination) to re-edit the tens of thousands of pictures I have just to improve their look by a few percent with the latest RAW editor. Only the few hundred special pics might be considered for that (and not often, in practice).
RAWand PSD files are of no use to others, should I want to let them see a pic or ten. They want jpegs, often jpegs small enough for their email and prattle box screen. Meanwhile the tens of thousands of my jpeg pics are viewed in various ways as bouts of remembering times and places past. For example, the all purpose 30" monitor in the living room corner, when not being used to run some software or as a TV screen, has a Windows screen saver slideshow running, changing pics once per minute. It accesses various very large collections that are themed (e.g fell-walking, coast, dogs, family, holidays, old scanned family pics, etc.).
I mention this as an example of why 8-bit jpegs are sufficient as a final output for those photos that are (as they are for most) just memory-enhancers rather than commercial products, works of art or otherwise of interest to anyone with a very critical eye.
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As a matter of interest, who of the non-commercial photographers here revists and re-edits significant numbers of their stored RAW files?
Lataxe