I think if you put a bit of effort into classifying importance, you can likely justify backing up certain critical systems in more than one way. Let "the cloud" handle everyone's desktop backups and all the ancillary systems you don't really need immediately to do business, but certain important systems should perhaps be backed up both to the cloud and locally, like Windows Domain Controllers and other things you can't do anything without.

Backup is cheap when you're focused about what you're backing up.

In this case, the game isn't "going down less than Amazon", it's about going down uncorrelated to Amazon. Though that's getting harder!

"In more than one way" doesn't have to be local, but it may be across multiple cloud services. Still, "local" is nice in that it doesn't require the Internet. ("The Internet" doesn't tend to go down, but the portion you are on certainly can.) Of course, as workers disperse, "local" means less and less nowadays.