That's really the whole point, nicely summed up in a nutshell, and why I advocate for using every possible resource available for the most backup protection possible. That way, no matter what hits the fan, or where, or why, or how, it's possible to get back what's important.
For me that means multiple redundant local hard drives as a first line of defense to the tune of 20 terabytes at this time, which are currently 58% used, followed by a cloud service holding 1.9 terabytes of my most important files, and growing daily as I make new ones, and now all my photo files are also being uploaded to Amazon Prime since I'm already a member and they've just opened up unlimited cloud storage for photos to members.
For my way of thinking, it's simply about having my most important files backed up in as many places as possible, so that I'm covered no matter which one unexpectedly goes awry. I don't depend on any one of them, or even any two of them. If (actually, each time) a hard drive dies, I can recover. If my whole system is stolen or burns up in a fire, I can recover. If the cloud service I use suddenly goes belly up in another global financial meltdown, I can recover. If Amazon goes out of business and their cloud goes bust, I can recover.
Having a lot of recovery options is important to me; Important enough to try everything I can to be as redundant with my files in as many places and ways as possible. I don't TRUST any of them. I DO trust that they won't ALL die at once, which means I can recover if I need to.
To everyone else: YMMV, and good luck to all.