A1470 is indeed a Time Capsule, but this model was either 2 TB or 3 TB. A 1 TB version was not offered.
The A1470 was introduced in June 2013 and discontinued in April 2018, so your Time Capsule is at least 6 years old and as much as 11 depending on when it was placed into service.
Personally, I consider a hard drive "suspect" at 7-8 years of age. I might continue to use the Time Capsule, but I would not trust it as my only backup plan. I would also be backing up to a regular USB drive or a NAS.
Another option....if you want to continue to back up wirelessly.....would be to add a new router from Synology or Asus. These routers have a USB port that supports Time Machine, so all you need to do is connect a USB drive to the port on the back of the router and set up Time Machine to backup that way.
When a hard drive fails.....it fails. Rarely is there any advance warning. It is a tough job to replace the hard drive inside the Time Capsule, even for a good technician, so that is not a good option for most users.
WPA2 Personal is the highest security setting on the Time Capsule. That is probably still OK for a simple home network. If you are more concerned about security, I would suggest a new router that offers WPA3 security settings. You can still use the Time Capsule for backups on the network as a wired hard drive.
On the plus side, the A1470 Time Capsule tends to run cooler than previous versions of the Time Capsule, so the power supply has been quite reliable over the years.