More like "Database as a service with integrated tooling for migrations".

Prisma (and Prisma Migrate) can be self hosted, so no corporate boundaries needs to be crossed.

They can run on the same host as your application, so the only overhead is on the loopback interface (localhost).

The SaaS solutions for a young business who does not have the time/skill/resources to deploy/maintain the infrastructure are great.

You should always consider the pros/cons before choosing between a managed or self-hosted solution. And once you scale, you can always go for the self-hosted solution.