As with most things, I think the answer is “it depends.” I have seen some very efficient storage systems designed around S3/R2 object storage where applications run in ephemeral containers, and storage is abstracted.

I have also played a role in running an on-prem SAN that worked well mostly.

The RDS database in the cloud that is backed by ext4 is trivially backed up (at great cost) to S3 which isn't going anywhere. S3 has 99.999999999% of durability, that is to say is eleven nines. They're not going to tell you it's lost.