I tried this for four months and went back, and I will give you the honest reason rather than a hardware one.
It was not quality. On the single-file work it was fine and I agree with everyone here about that. It was that I had to think about it. Which model is loaded, is the server up, has it fallen back, is this failing because the code is hard or because the context got truncated. Each of those is small; together they took the tool out of the background and put it in the foreground.
The hosted one was worse at some things and I never once thought about its plumbing.
That may say more about me than about local models, and if your reason for moving is the one in your post: not wanting your access to disappear - then it is a cost worth paying, because the alternative is being here again. But budget for it as an ongoing tax on attention, not a one-off setup weekend. That is the part nobody puts in the comparison.