I was on a severely restricted budget and self hosted everything for 15+ years, while the heavily used part of the database was on a RAM card. The RAM drive was soft raided to a hard drive pair which were 3Ware raid1 hdds, just in case, and also did a daily backup on the database and during that time never had any data loss and never had to restore anything from backup. And my options were severely restricted due to a capped income.

The real downside wasn't technical. The constant background anxiety you had to learn to live with, since the hosted news sites were hammered by the users. The dreaded SMS alerts saying the server was inaccessible (often due to ISP issues) or going abroad meant persuading one of your mates to keep an eye on things just in case, created a lot of unnecessary stress.

AWS is quite good. It has everything you need and removes most of that operational burden, so the angst is much lower, but the pricing is problematic.