What survives here
Fibre cement is the workhorse: dimensionally stable in humidity, does not feed termites, and holds paint well. Vinyl is cheaper and fine, though colour fades under this sun and it can distort near a grill or a reflective window. Wood needs a maintenance commitment most owners do not want to make in this climate.
What siding installation should include
Whatever is behind it, replaced at the same time. Taking siding off is the only cheap opportunity to inspect and correct the weather-resistive barrier and the flashing at windows, doors and roof-to-wall junctions, which is where water actually gets in. Doing the cladding and leaving the barrier is the reason a re-side sometimes fails twice. Both are inspected under the Florida Building Code.
The part behind it
Siding is a rain screen, not a seal. What keeps water out is the weather-resistive barrier and the flashing behind it, particularly at windows, doors and where a roof meets a wall. If siding is coming off, that is the moment to inspect and correct all of it, and it is the reason a re-side sometimes finds rot nobody knew about.