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IMO you should use LVM2 or one of the high level filesystems that have similar features, and then dynamically create partitions and mount them as needed. E.g. Suddenly need 50G for a new VM image? Make a partition and mount it where you need the space.
You are correct, LVM combines 1 or more disks into 1 or more storage pools that can then be allocated out to logical volumes as needed.
If you just up and pull a disk from a pool (volume group), you’re gonna have a bad time. You can, however, migrate the “extents” allocated to that physical disk to another in order to replace the disk, and your logical volumes can be set up with RAID-like redundancy. There’s a lot of options on how to manage it.