I have a background in having done a lot of stuff on the Elastic stack related to this; including setting up a big Elastic Fleet based stack for one client at some point. It might not be the cheapest, but it does provide awesome filtering and querying capabilities. However, a lot of teams that use it don't really know how to tap into that capability so it tends to be overengineered for what it does in the end. And the extra, underutilized complexity is why a lot of teams are wary of dealing with that stack.
Storing the data is the easy part but what's the point if you can't run queries against it and produce dashboards and diagnostic tools that actually help you? Prometheus/grafana or older graphite type setups tend to be compromises where you get lots of data but are then limited on the querying front or the number of metrics. The tradeoff is always between scale and querying flexibility. If you store tens/hundreds of GB of telemetry per day, you need a way to make sense of it. Clickhouse seems to be quite good at scaling and querying. It's basically a column database. I don't have direct experience with Loki.
But in the end, all that power only matters if people actually use it. And, again, in my experience teams tend not to. They tend to have a lot of unrealized aspirations around their tools and infrastructure. If it's just a dumping ground for data + a few simplistic dashboards, optimize for that. A lot of that data is actually only kept for compliance/auditing reasons. For that, querying is usually a secondary concern and it's OK if queries take a bit longer and are less powerful.
Traceway has custom dashboards, supports otel logs/traces/metrics/exceptions fully, has session replays for web and flutter (working on ios/android now), has alerting integrations with slack/email/github, oauth login w google/github, and a bunch of other features... All MIT. None behind a paywall.
It has a specific set of trade offs, those are by design, but I am also always open to changing them and improving it. If you try it and have any thoughts the git issues are constantly monitored.
In reality it's a very modular system, the telemetry repositories can be swapped out easily, I have implemented a clickhouse and a sqlite version (to simplify self hosting) so adding a loki like repository would be a breeze. It's not on the roadmap currently as I am putting a lot of effort into 3 diff parts rn.
The truth is that Clickhouse is an incredible DB that scales really well for observability data.
But you can't beat the excellent price and performance. Does what I need and much more