The terminology is perhaps a little messy, but I think "self hosted" and "in the cloud" are not necessarily mutually exclusive. On one hand, "in the cloud" can mean a SaaS platform where your data is locked in and you have no control over the application. However, I could also own the code and data and host an application myself "in the cloud."
This is the ideal compromise to me. I can own my data and the application, but I don't necessarily have to deal with all the annoying details of managing my own servers.
Yeah when I said "cloud" I really meant SaaS. You can certainly deploy a self hosted app to a "cloud" PaaS and get a greater ability to control your data than SaaS while still getting many of the other benefits a SaaS service offers.
This is the ideal compromise to me. I can own my data and the application, but I don't necessarily have to deal with all the annoying details of managing my own servers.