You don't need to search the library to see if you have the book. If you find the book in the store, when you look at the details it will have a "View in library" button rather than a "Buy now". Of course, if Kobo stops selling the book, or change to a different version, you will still need to search your library.
And I recommend calibre here. You can collect all your books in one easily searched place. And you can add books with no format for paper books.
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