I have true 3-2-1 backups on a server running proxmox with 32 cores, 96gb of ram, and 5TB of ssd disks (2TB usable for VMs). Cost me $1500 for the new server hardware 2 years ago. Runs in my basement and uses ~30w of power on average (roughly $2.50/mo). The only cloud part is the encrypted backups at backblaze which cost about $15/mo.

Its a huge savings over a cloud instance of comparable performance. The closest match on AWS is ~$1050/mo and I still have to back it up.

The only outage in 2 years was last week when there was a hardware failure of the primary ssd. I was back up and running within a few hours and had to leverage the full 3-2-1 backup depth, so I am confident it works.

If i was really desperate i could have deployed on a cloud machine temporarily while i got the hardware back online.