I have various Z-Wave devices; one motion detector, two multi-sensor (motion, temp, lux, etc.), three water/temp sensors one wireless sensor used on a dog door (might as well as be a Dutch door though) and plenty of light and outlet modules.
For starters, I have found that the GE/Honeywell branded Z-wave products from Jasco don't hold up. The first switch died at 22 months (they have a two year warranty) and now I've had two more failures just past 24 months. I never had the first one replaced as I figured I didn't one any more. Reading the reviews, others have had failures as well. So as they die, I just use a different brand. People past the 24 month warranty, Jasco is not doing a single thing for. There is obviously a design flaw in the product.
One of the three water/temp sensors just decided to quit reporting. I have two on the same USB power adapter, so when one stopped and the other still reports, I figured something was up with the module. I check the first one and it was happy, the other had the rainbow LED ring which means it is not associated with a controller and that it was successfully removed. It had ran fine for years and yesterday afternoon ( no power outages and is fed by the same USB power adapter) it just stopped reporting. So while I can see the rainbow led, I have to crawl through a small area to actually get to it. So a real PITA to get one whereas the other one is easily accessible. Go figure. Oh, I left the battery in the water sensors as a battery backup. So even if the powered failed, it still had a battery. So there really isn't a reason why it just dropped off.
This does have me thinking that I could just do a wired water sensor to the alarm panel and call it a day. I can have my HA system do the same action(s) as it does with the Z-Wave sensor. So in this case, not a good fit for Z-Wave since I have to go get the water sensor, remove it, bring it to the computer and re-associate it with the controller, then go put it back.
While my Z-Wave system has had great uptime, I would not trust it to handle alarm scenarios. There is a lot more that can go wrong software wise with a Z-Wave controller/hub than an alarm panel.