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Even the low powered CPU /boards will only idle low power. Embedded and ITX can idle at 6W but the HDDs will still need power, and spinning down/up HDDs reduces their total lifetime. The only real solution there is to reduce the amount you use by swapping to larger fewer models.
But these things take money and you have to balance then against the projected power savings. There's no point in spending $500 on hardware without considering how long it will take for those $500 to be recovered from power savings. And if it takes 5 years before you start seeing a profit is it really worth it to you?
You're right and that's exactly my plan! I'm going to get 2 20TB drives the next time I need to upgrade, that way I can keep the number of drives low.
With my current power usage and energy prices I'm paying $280 per year for this server alone, so I'm pretty well incentivized to replace parts (particularly since I can sell the parts I'm replacing to offset even further). With my current plans I'll see a positive ROI within a year almost guaranteed