I think there are lots of advantages to running a model locally. Saving money is one of them, but that's only if you can keep the thing busy. You wisely put the "free" in quotes for a reason: you paid money for the hardware the model is running on, and you're paying for the electrical bill to power it too. Even if you pay a 100% markup to the cloud, unless you're keeping it busy 50% of the time, it's cheaper to rent.