The rating usually means the point where output has dropped to about 70% (L70), not the day the lamp dies. So an old LED still works, it just gives less light than it did.
What usually kills a lamp early is heat and a cheap driver, not the diodes. Hanging it too close, blocking the heatsink or running it in a hot tent shortens its life. When you compare LED grow lights, look at the warranty length and whether the driver is replaceable.

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