Help on understanding apple one

So the new sonic game got announced and obviously it’s arcade exclusive which I don’t have yet. However I noticed there’s a bundle option called apple one. I saw 3 plans and wonder what would be best. I original thought I needed the family one since my family all uses Apple Music and Apple TV but I also so an individual option for cheaper.

My main question is, would the individual option work for all devices connected to the same account? All of my family has the same iCloud account so all our photos are synced together and we share the same Apple Music subscription. If we got the individual option would it work for us?

Also if we did get the individual option, would the 50 GBs of iCloud overwrite our current iCloud? We have 2tbs of iCloud currently.

Thank you!