As much as cloud services provide convenience and expansion for file backup, I don't want to be tethered to any particular data company. And nearly every large tech company, including Apple, leverages Amazon Web Services. This includes cloud storage. At the end of the day, if you want convenience and like to pay a monthly fee then go with cloud storage and hope it remains "forever" during your lifetime. I prefer having my digital music files on a disc drive for the music I've bought over the years. I also have music that is not on streaming services.
And when the internet goes down, so does your access to your files. It happens all the time.
The upside of having your music stored on drives at home is that you'll never lose access to them, and the upfront cost of storage is minimal. Keeping it simple is key. Get a cloud back-up for convenience and a physical drive backup for peace of mind or just go with the largest drives you can afford and give yourself room to grow if you're still buying music like I do. Not all artists release to streaming and I have a lot artists I listen to whose catalogs are incomplete on streaming so buying digital or physical formats is the only option if I want that release in my collection.

