I would consider myself much more of a casual collector. Been at it for about 10 years and currently have about 225 records, though I'm consistently selling/thinning down so overall I've probably had about 4-500. 99.9% of it has been played at least once (one record came from Europe totally smashed like the UPS truck ran over it before delivering). Also, I'm not a variant collector.
I try not to have a backlog. Usually I wait until a few orders come in and I'll do a batch cleaning and then I'll play them.
As far as the back catalog goes, at least once a month I'll sit in front of the Kallax and see what hasn't been played in a while or if anything's worth parting with. As much as I love collecting and this hobby, I don't want to reach "hoarder" status. Plus to me, selling records funds new record purchases so it's like a revolving door.
I do agree about free time vanishing. I'm coming up on 5 years since I've met my (now) wife and I've definitely cut down on my listening time over the years. To me, it makes it a little more special when I do get the time to put something on. Then, however, it becomes very similar to the "spending 2 hours just finding something to watch on Netflix" scenario.