Yes. The space on phones tend to be limited and cloud is required but that’s one of different adaptive responses.
Local storage has additional advantages like not relying on internet for accessing files. Ability to capture longer 4KHD videos. Local file processing as some people like to Vlog and as such. It also creates another redundancy in case cloud goes kaput during rains (/s).
I myself don’t wanna spend much for local storage but there are advantages. And as usual it all boils down to use case and cost-benefit analysis.