Depends on your workers and also the kind of company you are. If you're building a privacy-conscious product and you've recruited people that share the same values, they'd applaud you not going for a cloud solution. I certainly would.

I think this viewpoint would be more common here in Europe.

And our conpany's O365 also has significant downtime. We've had several major incidents in the last months alone (one of which was the crowdstrike related one, which we don't use but apparently Microsoft do)