I'd continue with the existing model:
-Mainly playing locally in the console
-Having the cloud as something secondary to maybe test new games without having to download them if I have the SSD too full, to play outside when I'm on a business trip or vacations in a laptop or a PC handheld/PS Player
I have a great internet connection at home, I play wired and with a good and properly router, plus I may have some PS cloud gaming datacenter pretty close to my house because the cloud gaming experience is already great, but not perfect.
I assume it will continue improving at some point it will be perfect even with wireless connections so even with a phone might be good enough (maybe with 5G/6G?). But even if it's the case I prefer to don't depend on a subscription and buy the games I like instead, one of the reasons because it's cheaper. Games in GPU/PS+ Premium aren't "free": it's around $200/year and in the decade that a console lasts with that money you can buy a console and many games. And well, I prefer to have the games physical because it allows me to sell (or buy) them later if I want.