You should never rely on a single channel for exactly this reason. Common advice is 3 channels minimum so that if one is down or lacking liquidity you can still send/receive without issue.

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And the node just handles routing to which ever channel is available or ideal for a given transaction becasue our LN address stays the same regardless of channel partner?

Yep, exactly. The nodes or your LN address is the destination. The channels are different paths to get to that destination. If one of blocked off or closed you can take a detour and still arrive to the destination.

Also thinking about channel fees similar to a toll for passing through that route: Having multiple channels allows your node to find the best (cheapest) path to the destination.