Another vote for a power rack and barbell. I think people like machines because they're scared of getting hurt by falling weights but they make super nice safety straps now. You can train the squat and bench press to failure in almost complete safety now. Here's a picture of my basement setup, you can google instructions to build the platform.
Nice setup! I'm jealous. (That's a Rogue rack, right? I recognize the pin spacings.)
I surmise the injury rate using machines at comparable weights is almost certainly higher than with free weights. (Injury rates from free weight training is extremely low regardless, lower than almost any other sport.) The resulting adaptation is also, of course, far superior.
Pics: https://imgur.com/a/GJuqCWy