As said previously all depends on your needs and your skills. While a dedicated solution cheaper compared to good and real cloud providers there is always a different at the end. With a real cloud solution, you can grow when you need without significant changes(just order more resources). All hardware is maintained by the provider. And with a dedicated server, you need someone who constantly monitoring not only your resources but also storage state.
With cloud you are getting storage, that's all, no additional manipulation needed. With dedicated server you can create different RAID arrays and that should be monitoring at first place. I'm not saying about RAID0, but for example you have RAID1. When one HDD died, it's ok if you have seen the alert and replaced the HDD. But what if you missed that alert for some reason and second spare died... all information is lost.
So real Cloud server has many benefits, but Dedicated server offers also tasty to look at. In terms of services inside machine, both are the same. Also many good provider can allow you to use snapshots with Cloud solution, so you can do an instant backup before doing any job and if that fails, simply revcert back to the snapshot within seconds.