Well, my home lab consists of:

An Apple //e computer with a variety of cool cards in it. Gives me access to 65C02, 65C802 (address limited 65816, and the hardware is 65816), Z80, and at some point 6809, but it looks like I might have to build my own card for that one. I do have a PC type card for 8086/88, but it's convoluted and I may just get an actual PC, maybe one of those industrial ones LGR and others are showing off. Much nicer, more capable.

I have a Model 100 for the 8085.

Couple of other retro systems in storage.

These are all assists to learn tech new to me, reverse engineer, make replacements, etc... The Apple, strangely, is a great 8 bit workstation! I would not have called that so long ago. If a CPU is unclear, I can write a little test harness and then clear things up.

Electronics:

Tek 300Mhz analog, 4 channel scope. Looking hard at a digital one.
Various meters, signal generators, tools for electronics work, testing sensors, prototyping systems for use in products.

High end 3 extruder 3D printer. Can do 3 serious polymers, or a mix of support and polymers, flexibles, and the only materials out of range for it are the uber expensive high temp stuff. PEKK and friends, though Victrex did recently release AM 200 which works GREAT on my machine. This is professional work and it's all about making sure others can print parts and meet requirements. I will print stuff, ship it out, and when they buy a machine, I can then pass the education along, get them moving. This is a lot of fun!!

HDMI monitor, 15Khz CRT PVM for classic signals, retro grade, flat CRT VGA will do 2560x1xxx @ 50 / 60Hz. I rarely push it, preferring 1024x768, perhaps 1280x1024. All, except the HDMI display are 4:3.

Microcontrollers: Parallax Propeller, 1 and 2. If I need to build something, these are my GOTO. I know the old CPU's very well, but so far have not needed to build anything. I can just put code on the Apple, and learn what I need to. Ben Eater is tempting me though!! Great work. He is making a big contribution to the field. Lots of people are gonna come up through the ranks like us 70's and 80's kids did. Wonderful! We need those people.

Dev machines running Linux, Mac OS, Windows 10. I added the Mac because I want to follow all the fun on the M1!! (seriously cool chip) Haven't done much with it yet, but I'm going to help port an app to the platform.

Various hand tools, drills, saws, sockets, everything from taking apart some electronics that find it's way in here to working on my car.

I have had some form of this since I was a kid in the 80's literally!!

Back then I had a Tek 80Mhz scope, 2 channel, Apple and Atari machines for development and control projects, various meters, signal generators.

I use the Parallax chip as a poor man's logic analyzer, and it's good to like 20Mhz, and much higher on the newer one.

Stuff comes and goes.

In the 80's, it was about assembly, serial comms, driving CNC gear, controlling things.

In the 90's, it was about networking and I had stocked a bunch of SGI, Linux and WinNT gear. Was running everything on a DSL, Cisco modem, awesome! Learned a lot, then ditched all of that because my professional work went from bigger systems to smaller ones. When it was time to step away, or commit to the data center big IT path, I literally gave most of it away to someone wanting to go down that road.

In the 00's, more programming, product development, building things for research, helping others get things done. For a while, I was working with big enterprise stuff and had a whole environment or two virtualized at home. This was extremely valuable, until I stepped away from that space. Frankly, wanted to go small, where the bits are, one can see the pixels, hear the sounds, sense the world, control things.

That dove tailed right into additive where I am now and am working on some advance projects. Some of it leading edge, likely startup type stuff. Having a home lab, and making the friends I have is the only way I would have ended up here, and being as effective as I currently am. One side effect of this is I can probably fix almost anything, and I can definitely bring gear up and have it performing, validate it, and prep it for whatever task is at hand. This has been very high value.

Most recently, it's about supporting pro work with 3D printers. Got some spiffy machines coming into the country and I'll make sure they can print all the sexy polymers, print sample parts and in general validate any use case people want validated.

And always some programming, building my own tools to use on projects.

Most of this stuff has been paid for by the work I've done in the lab at home.

I strongly recommend this path because it makes one think about the money they spend and how relevant the gear might be. Always find ways.

Get old crap out of dumpster and fix it.

Trade work for gear. (my favorite, makes everyone happy)

Make gear, signal generator, logic analyzer, various test harnesses. If I get good, and realize I need more, then I'll buy, or scrounge and get the proper stuff. Take the harder projects, learn the harder things.

I'm writing this because there is a whole world of development, product design, CAD, assembly, test, measure, that does not have much to do with the cloud.

Above all, put what you love in the lab and do shit. Push it. Find out the real risks, real limits, etc... This generally pays off and I know very few people with bad experiences and they worked to other's expectations and goals, not their own mastery for their own reasons.

Have fun!! If it is not fun, ditch it, get new stuff, until it is. Seriously.