But, we know 100% that cloud-provided anything can and will get nerfed, broken, removed, or in some other way rug-pulled. It already happens all the time, and companies are getting more and more aggressive/stingy about what counts as "yours" and what counts as "bought" and what counts as "acceptable use".

Yes, bringing everything local still means you need to download things, maybe over and over. But once it is on your machine, nobody can yoink it from you just because they want more money or they don't like what you're doing with it.