I am altering the deal. Pray I don't alter it any further.

Whoa that's huge. That's 4TB

Cloud just means it's on someone else's computer. Which can change. The good part is the lead time for the change, vs. just suddenly cutting it down and charging for over use, which they probably could have done in the fine print that no one reads.

I use cloud for one purpose - backups, and they're encrypted. And if anything happened to the service providing that, I'd just find a new one.

And this is why all these "cost of NAS vs cost of X/Y cloud platform" comparisons don't really matter, in my opinion. Because putting your storage on a cloud platform has no guarantee of safety and every reason for them to milk you. With the good prices a couple years back you could have matched this storage for less than $500 CAD up-front and put a NAS in a closet. Now with higher prices, perhaps less so, but all the more reason to worry.