Mmc0: error -110 whilst initialising SD card

I have been running Home Assistant OS from an SD card successfully for a few years now. Yesterday, I installed an update and after that, everything worked fine.
Today, I woke up and HA was not reachable (via internal IP or external domain). I could ping the internal IP, though. I have not activated any ssh previously.
So I plugged in a monitor and a keyboard and was greeted with these errors (could only make a photo and not copy the output because of the circumstances):

Is my SD card broken? Do I have any other option but to do a fresh install on a new SD card and use my two day old backup (last night’s automatic backup also didn’t run - seems like the error was already happening at that time).

I bought a new SD card. Hopefully, this one will last longer

Very much looks like a hardware failure to me :cry: