Magnetic platters absolutely do break down from sitting around. Bearings and other mechanics can also go bad. For those things, a professional recovery operation could still get the data if you’re willing to pay, but the drive itself should be thrown out.
Edit: keep in mind that with bit rot, the drive may superficially function just fine. Your data may even be 99% correct. That 1%, however, could cause unrecoverable problems, such as videos that glitch in the middle.