It appears to work fine (it contains my home partition for my main machine I daily drive) and I haven’t noticed signs of failure. Not noticeably slow either. I used to boot Windows off of it once upon a time which was incredibly slow to start up, but I haven’t noticed slowness since using it for my home partition for my personal files.
Articles online seem to suggest the life expectancy for an HDD is 5–7 years. Should I be worried? How do I know when to get a new drive?
You should get a new drive when yours breaks - its usually pretty obvious when that’s happening.
You absolutely should ensure your important files are backed up though, even on a brand new drive.