However, for small-scale projects, personal blogs or website, I really like the idea of self-hosting. Knowing that all the data are in my home is reassuring (apart from the fact that my house could catch fire).
(I realized that you're one of the co-creators of Django; thank you very much for this masterpiece)
Your house feels like a fortress, until something happens to you or someone you know. Not just a natural disaster, like a hurricane, tornado, flood, or earthquake, but small disasters too. House fire, as you mentioned, or having your house burgled, some crazy power company glitch, or something as mundane as a child with a cup of water in exactly the wrong place. Even if you are meticulous enough to drive backups off-site backups, that somewhere is probably close enough that it's possible for a natural disaster to take out your house and your backup site. Encrypt your data and save it somewhere geographically far away, if it's really important to you. It's doable manually but for everybody else, imo, an online service (eg Dropbox or Google Drive) is easier, which means it's more likely to happen and not fall off the bottom of the Todo list.
I do prefer having local copies of everything, because I don't trust The Cloud. Malicious actors can get your account shut down, and then all your stuff is gone, locked up and the key thrown away.
My solution has been to run a RAID 1 NAS device for all my local stuff (including all my media I want to stream in the house - nice having movies and TV when internet is down). 4TB drives, rated for NAS usage.
Important documents, and sentimental photos (many GB's worth from the last few decades) I periodically back up onto an external SSD and put in my fire safe with physical documents of importance.
(I keep my backups in three places: local drives, safe deposit box rotated quarterly, and BackBlaze. I’ve only ever needed the first, but I feel safer knowing I have the other two.)
Probably important as I love next to a river.
There's an informed decision to be made when graduating from a computer in your basement, to a colo'd server, to using a VPS (or dedicated server) in the Cloud, to using a consumer facing online service. But if you're willing to have your data in the cloud, replication that used to take setting up multiple colo'd machines across the world (which I couldn't compete with, either) is fairly trivial these days. (A HA failover setup is left as an exercise to the reader.)
I know full well how much work it is to keep something like that maintained and secure and properly backed up.
I also know how many things can go wrong - including nasty things like missing billing emails when a credit card expires and losing the associated instance.
"GitHub, by default, writes five replicas of each repository across our three data centers to protect against failures at the server, rack, network, and data center levels" - I can't compete with that! https://github.blog/2021-03-16-improving-large-monorepo-perf...