I remember Skype was local-first. I believe it was the only one commercially successful P2P project.
But over time and multiple hard-to-recover incidents they switched to cloud.
But over time and multiple hard-to-recover incidents they switched to cloud.
Now that cloud hype has died down, I don't see why subscription based would not be viable just because your product runs locally (assuming that all your competitors are already subscription based). ZBrush started selling local first subscriptions, so I guess we'll see soon enough whether that works out for them.
My understanding was that they switched to being centralized because phones couldn't run the decentralized version.