iCloud is opaque. It tells you if some file is syncing, or if it’s only in the cloud, but that’s really about it. There’s almost no level of control. If you want a revision history, that’s what Time Machine is for. Collaborate editing, API that apps to integrate into with, previewing without downloading, etc? Those are all not really options with iCloud.
But so far, it hasn’t lost any of my data and it is probably the most approachable option with an end-to-end encryption option (which I enable). Searching works well and even finds text in images and documents.
If you just need the basics and you’re all-in on Apple products, iCloud is great.