You don’t have to lose access to Apple Music or the previously purchased apps. All you need to do is create a Family Sharing group. All members of a Family Sharing group can share purchases and things like Apple Music subscriptions and you don’t lose any privacy since each Apple ID is separate.

Everyone in the family should have there own Apple ID and they should be joined together as a Family Sharing group to share purchases and subscriptions to thing like Apple Music.

https://www.apple.com/family-sharing/