In terms of preference, I find myself liking local specifically because it’s easier to maintain. I use Proton Drive for cloud storage, and maintaining it (uploading files, changing folder structures, renaming files, etc) is extremely annoying because it is slower than local maintenance and there’s less utilities in Proton Drive. But of course this is only because my cloud provider is slow.
In terms of what we should do, we should always have proper backups. and this necessarily implies cloud storage. Whether you use local or cloud storage, you always need another cloud backup somewhere for safety. Disaster can creep up any time any place and can destroy all that you have in an instant. Speaking of which, we should revive this post.