I paint my own nails with regular polish and have done for years, so I'm pretty used to it. I've had professional manicures with traditional polish and in my opinion, if you have a steady enough hand to paint nicely then you can definitely DIY.
There are better and worse brands of nail polish, and within the brands not all colours and finishes perform the same. Some individual colours or finishes are more prone to chipping, some are more prone to peeling, some are more prone to smudging. Some are watery meaning you'll need at least 3 coats and then they combine chipping, peeling and smudging!
If I'm going to an event I'll do it the day before, usually at night, and I allow 1 hour in total for drying and at least another hour before going to bed or doing any smudge-attracting jobs like hanging out washing, as surface-dry nail polish can smudge easily on bedclothes and by putting on pjs etc.
I've found pearl finish polishes are the most long lasting. Glitter are also good but can take a long time to dry because it's too tempting to overload the polish to get even more glitter on. Dark colours tend to not need as many coats as lighter ones (this is for flat colours, not pearl/glitter finishes) as lighter polishes can be streaky. I've found traditional polishes (even from the same brand) vary into roughly three categories of texture: thin and densely pigmented (the ideal), thick and gloopy (good coverage but smudge prone) and thin and streaky (the worst).
Pearl and glitter finishes are the most forgiving for touch-ups in case of mishaps.
I used to routinely use a base coat, but sometimes it's best to just start with very clean and dry nails. Base coats can just create an extra layer of coat unnecessarily. Exception is for very dark or very orange shades, which seem to stain nails.
So I do a single thin first coat and leave to dry 20 minutes. Then the second coat, leave to dry 20 minutes. Then a top coat, leave to dry 20 minutes (more if I can manage to sit still without having to do jobs). A quick-dry topcoat is beneficial.
I've got good at painting my own nails but appreciate it's not for everyone. I do like that I can save money and time by doing it myself, and that I can change my polish whenever I want. Most of my polishes last on average 5 days before chipping, or feeling tatty.