I don't think I could ever go back to storing my docs locally and not being able to access them from all my devices at all times anywhere in the world, easily.
You can mount your cloud drive, and open those files with LibreOffice or OnlyOffice, I certainly do so with Google Drive
It's not the same. I keep the document open on multiple machines (home and work for example) and they update. Then I pull out my phone and add a note to the same document all while it's still open on other machines.
IIRC OnlyOffice can do that Google Docs style collaboration, but it does take extra effort to setup