Another thing to mention is that the VHS tapes generally give a much nicer image than DVD. Tapes have better tonal range and lack other compression artifacts.
More and better content driving chroma harder = lower setting.
On a reasonable VCR, and a good display, noise tends to come up more than color loss accumulates.
Also, people would back off on the color some anyway. The resolution was not all that great. Driving it hard, like we are used to now may well wash away some detail.
This all improves on a CRT with good analog circuits.
In the last couple months I've just been digitizing my old VHS tapes from late 80s to early 90s. (As well as my 8mm tapes from late 90s.)
Happily, all of them have been in great condition.
I've digitized my family video VHS tapes using an old computer and a tv-card, but apparently there are some 8mm tapes from before my time that could use digitizing as well but I don't know how I would go about doing it.