This depends on industry. Around here, working locally on laptop is a luxury, and most devs are required to treat their laptop like a thin client.
Of course, being developer laptops, they all come with 16 gigs of RAM. In contrast, the remote VMs where we do all of the actual work are limited to 4GiB unless we get manager and IT approval for more.
Yes, zero latency typing in your local IDE on a laptop sounds like the dream.
In enterprise, we get shared servers with constant connection issues, performance problems, and full disks.
Alternatively we can use Windows VMs in Azure, with network attached storage where "git log" can take a full minute. And that's apparently the strategic solution.
Not to mention that in Azure 8 CPUs gets you four physical cores of a previous gen server CPU. To anyone working with 4 CPUs or 2 physical cores: good luck.
Interesting. I required all my devs to use local VMs for development. We've saved a fair bit on cloud costs.