I've seen both, although rarely for either.

The worse trash fires were the homebrewed systems, but maybe that's because I could dig in and see how bad they were.

But I'd actually agree with you - as bad as those were, I'd rather them than a shitty 3rd party something. At least I can theoretically do something about the in-house one, and, all the ones I've seen were smaller in scope than any SaaS product.