That could have been true if the industry had not screwed up IPv6 and security so badly that it's actually rare for even good internet connections to expose their end users to full inbound internet traffic so it's actually harder to self host out of your basement today then it was 20 years ago because of the prevalence of ISP supplied hardware firewalls for todays consumer internet.

What cloud gets you is the ability to put your data/workload right at the core without having to make special deals with your local isp, and with a lot more resilience then you would likely afford unless your at least at the multiple 20 foot container full of servers scale of compute need.