Unfortunately there are still cases where local disk I/O can be a serious bottleneck that you do have to be aware of:
1. Cloud VMs sometimes have very slow access even to devices advertised as local disks, depending on which cloud
2. Windows
The latter often catches people out because they develop intuitions about file I/O speed on Linux, which is extremely fast, and then their app runs 10x slower on Windows due to opening file handles being much slower (and sometimes they don't sign their software and virus scanners make things much slower again).