This is true for me, but I wonder if it’s true for most. An alternative framing is not that apps moved to the cloud because they were faster or more convenient but that apps moved to the cloud because they became “free” by you paying with your attention or data. It’s worth reframing the hypothesis to “The future is (paid) local app” and see if you still think it holds.
The whole paying with your data thing should become a payment option, and governments should enforce the availability of multiple payment options with no unreasonable price differences across the board. (And there are ways to find out what your data is worth in dollars.)
I don't mind paying a few bucks for value. But the market for lemons applies. Mostly when you spend money you just get the exact same shitware you can get for free, so I usually suspect that's going to happen.