Wondering why people pay for NextCloud services when Synology NAS is one time purchase on site server essentially? Not sure about advantages or disadvantages of using either of two options?

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Am guessing downside is you have to manage upgrades & maintenance etc and pay for electricity. I like Ubuntu + Cloudron to manage updates of the software but you still ought to have basic sysadmin experience and ensure system upgrades are done regularly, you'd also have to configure backups. Does Synology do updates/bakcups & security etc for you?