> Reliability: with local storage it's on you to keep backups

With cloud storage it's still on you to keep backups, never forget that.

First, the cloud company may spontaneously lock you out forever with no recourse. You better have backups.

Even if that doesn't happen, they might lose your data. If you are a personal (non-commercial) account you very likely don't have any SLAs, so anything can happen. Even on commercial accounts, SLAs ultimately only provide liability, not a guarantee of service.

So it's always on you to have backups.