You can also record the HDMI signal, which HDCP is supposed to guard against. But it was cracked even before it was being used/enforced. So now it only serves to create incompatibility issues and bugs for paying users. Even though it has been irrelevant for more than a decade.
I guess the reason for why it still exist is because it prevents/hinders legal products to circumvent it, since that is against the law in many jurisdictions.
Anyway, the downside of both solutions is that you have to re-encode the video, which will never be as good as the original source you get directly from streaming it. Though I'd imagine the difference is quite negligible. More effort though!