What should be my next development “platform”?

My current desktop (on-premise, on my desk) machine is serving me well, but It's going on five years old. Today, for the first time, I started thinking about it's replacement. Got down into the weeds about Intel vs AMD, etc. but then realized that the first question that should consider is whether local compute makes sense as a developer. My local machine is really just a host for my "desktop" and "development" VMs. Is it time to just start using cloud VMs? What are the pros and cons? I know that a big pro would be the ability to work from anywhere. Currently I do this by bringing my VM with me using VMware Workstation Player.