Yes, absolutely, especially now that digital memory is so cheap. A Tb hard drive could record the entire life of an aircarft CVR?
Yeah, but you'd need to replace it every two years or so. Flash memory 'wears out' with use, and mechanical HDs even more. An hour of qualified service personnel costs lots more than an SSD. Then add to the bill the cost of updating maintenance procedures, testing, certification...
Usually, you cannot have five-nines reliability with cutting-edge technology. You have to choose.