Those are good points, OP, but consider mine.
I've tried cloud gaming. To me, it's crap.
I played five minutes of Path of Exile over GFN, and I turned it off because it was unbearable. And keeping in mind that I'm a low-spec gamer, for something to be "unbearable" to me really takes some doing - this isn't a case of some noticeable input lag or slight stream artifacting at 4K, this is "stream breaking and stuttering at 720p, sometimes disconnecting entirely, and don't even mention the sound" kind of situation.
Point of fact is, cloud gaming as a whole is a privileged country thing. It's not some fantastical solution that rids you of hardware requirements to play your games - it just replaces one set of hardware requirements with another, no less expensive and no less pointless for those who don't have access to them. I don't even have a 5GHz wifi router for my landline. I'm not sure my tablet supports 5GHz, either. Most of the time I go out of the house, my internet connection is 3G cellular. I don't have the money to upgrade to use cloud gaming. So for me, cloud gaming is nothing - I would much rather have cheap, powerful dedicated hardware. If it's portable like the Steam Deck, all the better.