[wombatpm]

Cloud does not work. If you have an app that is no longer available in the App Store, when you install from a backup you are out of luck because that app can’t be downloaded from the App Store.

If you choose to manage your phone from a Mac, then you can save a full backup.

[Reason077]

It's not a binary choice: you can do a full local device backup occasionally and still use iCloud. That way you'll have saved copies of old apps available in case they get discontinued on the app store.