Ummm, heck no!
I've been creating new cloud-based workloads and migrating existing on premise servers/systems to "the cloud" since 2007 at work.
If you have the income stream to pay Apple to backup to the cloud plus purchase software subscriptions with others and pay every month in perpetuity, go for it. At home, I'm still running perpetual licensed products and only use local storage to backup my systems (along with running a number of Docker virtual hosts on Raspberry Pi 3 & 4 hardware). 5TB of reasonably fast hybrid (flash and spinning HD) external storage can be had for ~$100.00 or so.
Cloud apps and storage are no panacea. Adobe clobbered themselves and everyone who uses Creative Cloud quite nicely
yesterday.