Self-hosting is great: you control the server, the software & your data. That’s all. Or not?
I think there is a lot understimation about the drawbacks related to self-hosting.
I self-hosted Wordpress for several years and during that time I had some issues while upgrading it, also theme and plugin conflicts where always behind the corner.
Wordpress is a great piece of sofware and very versatile. It is easily customizable, but this can also be a problem once we talk about compatibility. Something can break suddenly and if you are self-hosting you have to understand what’s going wrong.
What I experienced with Wordpress can happen with every piece of software you decide to install on your server. It can be Nextcloud or a Mastodon instance, no matter what you install, there may always be some problems while running your software.
Another issue while we talk about self-hosting is security. Server misconfiguration can expose your data to hackers, if you are not a security expert data breaches could be part of the game.
In my opinion self-hosting is great because you have full control of everything, but such power comes with great responsibility.
You need time to understand the software, install it, update it and fixing if something is going wrong.
All of this requires time and time is money.
If you are not a techie person (or if you don’t want to spend much time working on the server) then probably you should look for an hosted service.