IME canister failure is rare, does happen, but rare. I would think the worry issue would be circulation and surface agitation to maintain O2 levels in the tank if you think you would be down more than a day or two.
I run canisters on my show tank Rena 3 and Rena 2 plus a Rena Smart filter with an Eheim Surface Skimmer. They are very reliable filters. Most of us who have been in the hobby for a while always have an old HOB in a closet somewhere that could be used in an emergency.
My thoughts on the Bio Wheel: If you really understand the nitrogen cycle, and the roll of both Heterotrophic, and Nitrifying Bacteria Colonies, how they form and what they do then some issues become clear. The whole claim to fame is that the Wheel gizmo facilitates bacterial colonization to deal with ammonia and nitrites. Given that from primordial times these bacteria can, will, do exist and will establish colonies everywhere in the aquarium. Why would you want to encourage them to be in one area only, which if you think about it is extremely vulnerable.
The nitrifying bacteria colonies will grow or shrink in direct proportion to the amount of ammonia/nitrites available from the fish, heterotrophic bacteria activity, food etc. The bio wheel really has nothing to do with that.
Now thats for a non planted aquarium. In a well planted tank the plants are going to uptake ammonia, nitrites, and nitrates plus phosphate iron etc. etc. Leaving the bio wheel as superfluous.
IMO the bio wheel is an unnecessary expense and a very marketable gadget.
Jay