I think you need to expand your question more - most people probably use a combination of local and cloud storage, but for different things!
If you're talking about using it as your main data storage, it probably depends on your situation:-
- Who needs to access the files, and where are they (in the same room? in a different country...?)
- What's your internet speed like?
- What's your office/home network speed like - is it wired or wireless or both?
- How will capacity needs affect cost (e.g. NAS you can put another drive into, Cloud you can pay for more storage...)?
Personally, I wouldn't use Cloud storage for assets that I need to access regularly (textures, model library etc) due to internet speeds here. Also if you have multiple workstations or render nodes and they are all accessing something over the internet then bandwidth will be impacted and everything will slow down.
