"Cloud devices" can still use local hardware acceleration, storage, and memory for client-side things. Nothing is really preventing us from developing cloud-based video and photo editing software.
Some work might have to be done to minimize the amount of data that gets transferred when saving and loading, but that's about it. I'm sure if you compress your 100MB Slide Decks file you'll find it much easier to send over!
Why jump through hoops to make a suboptimal solution half-viable, if we got a solution that just works and works well: native apps.
Seriously, all that cloud stuff is overrated nonsense. There's some areas where it might sense, but stop trying to put every fucking thing on the cloud.
It just doesn't work. End of story.