Mostly downtime is just upgrades. I can remember a few times we've had to add (JVM) memory as our usage increased. Not sure what we're going to do with the discontinuation of server product line. We self-host to keep source code, etc. more than one configuration mistake (or zero-day) away from exposing it to the world.
But then, there is no way to keep it in sync. I have to blow that project away in jira cloud, and migrate it again.
So I Have to hard-cut over projects, on a system that has dozens and dozens of projects, and somehow have people figure out which ones are where. or one really, really ugly night to cut it all over, and hope it goes well.
I'm looking for alternatives, but our team is so invested in some very, very customized workflows, its going to be a pain.
I think one reason Atlassian was successful is that they always invested a lot of effort in building tools to migrate to their products from any of their competitors (obviously not the other way around).
I don't want any of my company trapped on it, but if they were I'm sure as well not going to self host that spawn of hell.