In my experience, people used to cloud services misjudge the power of correctly tuned modern hardware by two-three orders of magnitude.
Giving a general answer to your question is hard in the absence of further information.
Except for logs, of course. Those things are incredible disk space hogs. Also, serialising data to logs can surprisingly expensive. (Our ES logging cluster has tens to low hundreds of TB of storage, and it expires data after roughly 40 days.)
Of course, they don´t need hardware expenses, licensing is factored in, administration is orders of magnitude easier and cheaper, so the tradeoff is usually worth it.