It is still vastly cheaper to buy your own GPUs and ML accelerators than to rent from cloud providers for any reasonable level of utilization (i.e. not a hobby).
I see a lot of "develop program locally on tiny subset of data" followed by "how the hell am I ever going to run the full model for the final run on all the data!?"
A couple hours machine time leased on a behemoth is really the ticket, and not really that expensive.
Combine this with the fact that S3/Glacier make much more sense than local HDDs for long-term archiving and egress turns out not to be a significant factor in my experience.
Depending on your individual time value of money, it can make sense to rent even a high rate so you can access this hardware now.