Ah the mighty cloud. Finally after 20 years a telco term, hits the mainstream.
Mainframe, then terminals, then mainframes, then PCs, then LAN'd PCs to mainframe or server, now back to servers again - aka the cloud.
Though the cloud is very different to a server or mainframe - at least in theory (ie, like the internet, there is no (or should not be! an) off switch).
But from a user POV, they are similar with all the same risks.
You lose access - you have no data or apps etc.
And especially with wireless comms, access is very prone to attack or loss.
Then there is echel... I mean, interception, or hackers & miners etc.
I find the cloud as attractive as I found MS's distributed computing with your PC's app "out there". (The only MS app I have is my Windoze 2000 OS.)
I have a feeling the cloud will return home. Or rather, the essentials will be duplicated at home. A few comms losses, s/w bugs, and rationalised NAS crashes (with rationalised security) should see to that.
It's the same old cycle.
Bugbyte's replies however are very apt. Good stuff!