Not present in the math is that the cloud gaming service is able (and likely) to raise prices substantially, worsen the service or simply disappear.
One of the silver linings of a subscription model is that you're able to stop paying and move when it's no longer interesting, here you're asked to invest in a platform that can be taken from you.
What are you investing in exactly? You can pay $10/mo while the service is good, and then stop. The games you buy are still yours.