That's irrelevant, though, given the person's question was about storage and archival.
Clouds are indeed selling that, but I think that's false advertisement. At least from here (western Balkans) it looks this way.
Latency directly impacts bandwidth, which impacts quality, since all current-gen user-facing live streaming protocols that matter (HLS, DASH) are layered on top of HTTP (on top of TCP), and that's already the best trade-off for end-user delivery today.
For VOD it's less of an issue since you can just maintain a larger buffer, but with live that's a trade-off with being closer to the live edge or choosing poorer quality. It works OK for some cases, it's bad for others (like sports, or when letters on the screen become illegible due to compression artifacts).
Building your own CDN off of el cheapo VPSs is theoretically viable, the beauty of HLS and DASH is they're 100% plain old HTTP, so just drop Varnish, add GeoDNS on route53 and off you go. Actually I'd love to have the time to try that :)
Here, the roundtrip latency is ~14ms within the country (e.g. from here to capital city), and 40ms to the closest AWS or GCP datacenters (both are in Frankfurt).
Delivery is cheap. Big clouds just mark it up by criminally high 500%+.