People don't talk about this much, but much of Play Music lives on in Youtube Music. I am not sure if its because I was grandmothered in or something, but all my mp3s that are definitely not otherwise on YouTube still shockingly exist in my Youtube Music "Library".
The storage and library is, yes, AFAICT. It's a "full" migration, everyone I know who used Play Music heavily has had no data-retention issues at all with YT Music.
But the UX is so much worse, it's just mindblowing. Basically all of them left for something else eventually.