If I understand it correctly, the HSM on the HDD dying is about as likely as a HDD PCB failure. Of course in these scenarios you can't just swap the PCB's to recover the data, but in an Enterprise setting you would have mitigated this anyways, by using a form of redundant storage. If you rely on just one drive for your data's continued existence, you're doomed anyways.
[0] https://wiki.archlinux.org/title/Self-encrypting_drives