If you know how to admin a computer and have time for it, then doing it yourself is cheaper. However make sure you are comparing the real costs - not just the 2TB, but the backup system (that is tested to work), and all your time.
That said, subscriptions have all too often failed reasonable privacy standards. This is an important part of the cost that is rarely accounted for.
Well yes, of course. And for cloud compute you get that same uptime expectation. Which if you need it is wonderful (and for something like data arguably critical for almost everyone). But if we're just talking something like a video game console? Ehhh, not so much. So no, you don't include the backup system cost just because cloud has it. You only include that cost if you want it.
Cloud (storage, compute, whatever) has so far consistently been more expensive than local compute over even short timeframes (storage especially, I can buy a portable 2TB drive for the equivalent of one year of the entry level 2TB dropbox plan). These shortage spikes don't seem likely to change that? Especially since the ones feeling the most pressure to pay these inflated prices are the cloud providers that are causing the demand spike in the first place. Just like with previous demand spikes, as a consumer you have alternatives such as used or waiting it out. And in the meantime you can laugh at all your geforce now buddies who just got slapped with usage restrictions and overage fees.