Eh, I worked on a large serverless project that worked hard to follow best practices but it was still very clunky to run and test code locally. The local serverless tools simply didn't work for our project and they had so many limitations I'm skeptical they work for most non-prottypes.
Deploying a stack to your own developer environment works fine and is well worth doing, but the turnaround time is still painful compared to running a normal web framework project locally. Deploying a stack takes much much longer than restarting a local server.
Serverless isn't all bad, it has some nice advantages for scaling a project, but running and debugging a project locally is a definite weak spot.