Why not use a PIM?
PIM (or Product Information Management) is a centralized tool for managing, enriching, and distributing product catalogs across one or more platforms. While PIMs can provide a similar set of features i.e. custom entities, relationships, etc. PIMs usually require large onboarding efforts and will typically include many extra features that may not be neccessary for your specific storefront.
PIM is a heavy-handed solution designed for shops with vast and deep product catalogs.