Transcode or Proxies?

Hey guys,

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I am a hobbyist who enjoys shooting some drone footage and family video (vacations, etc) - so please keep in mind I don't do this for a living.

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I've been trying to determine the best workflow for me and whether or not I should transcode my raw footage to Cineform/DNxHD or just use a Proxy workflow. The problem with transcoding all my raw footage is that the file sizes are massive. I transcoded 63GB of 2K/4K footage to Cineform from my Hawaii family vacation and it was 690GB! That is massive.

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It seems to me that for a hobbyist, the proxy workflow might be much more reasonable and certainly more archivable as I am paying for my own external storage and I don't have a customer to simply charge for an external drive for all that footage. My thoughts are that archiving the final render and the raw compressed video (h.264/h.265) is so much more practical than storing 690GB of transcoded footage.

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What are your guys' thoughts?

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Thanks!