I depend heavily on iCloud. Just not for photo storage. I prefer having local, immediately available photos/videos on my device. Most of my photos are kept on a 20TB RAID-5 array that's attached to one of my Macs (I use a cloud backup provider for offsite backups to keep the entire system, including everything on the RAID array backed up), though I like having several years worth of photos/videos directly on my phone.
Cloud storage for photos is fine for casual access, but is slow for regular/repeated access/searching/etc. I also live rurally and while I have pretty decent bandwidth through my ISP, nothing is going to compare to the speed of local, on-device access. Also, if I travel even half a mile from my home, I'm often in areas of little to no cell coverage.
In aggregate, having a healthy amount of storage on my device has worked quite well for me.