This technique doesn't address the right problem, which might be a misunderstanding in statistics.
That is, no matter how reliable the other source (Google etc) is, it is still below 100%. If you host the JS on your own, your site becomes slow only if your server hangs. However, if you host the JS somewhere else, your site becomes slow whenever your server or the other server hangs. The probability of the latter is always greater than the former, i.e. you don't really gain anything.
So this trick slightly improves the good cases, but increases the likelihood of the bad cases. That kind of trade-off isn't desirable. Usually, people design trade-offs for the exact opposite: scarifying the speed of the normal case (which should be more than fast enough anyway) in order to decrease the probability of the worst case.
(BTW, this is true for almost all long-living projects. The opposite strategy makes only sense in "car racing" like situations where you either win fast, or lose everything. However, hardly any website is designed to live only a few weeks or so.)