Yup
It is a horrible and unusable business model/architecture.
1) Requiring subscription to access when it is not technically required is onerous and very questionable value, especially for tools that I'll use intermittently.
2) Requiring online access instead of local & native apps makes the false assumption that I'm always connected. Often my most productive times are on 6-hour flights (& no, the onboard wifi is not reliable) or away at locations where there is no connectivity.
3) Performance will always suck compared to a fully local app - all the optimizations a developer could do to make it run acceptably could also be applied to a local app to make it really snappy
4) Any SAAS carries significant extra risk that does not exist local native app - that the software /service could disappear any time due to a host of business reasons. Sure, native app companies can also go out of biz or discontinue products, but I still have the software and can upgrade on MY schedule.
5) MOST CRITICALLY, entire classes of very attractive customers are LEGALLY locked out of using your apps. In my industry, there is an entire new class of information called CUI — Confidential Unclassified Information — anything related to DOD projects that isn't quite classified, but there are very strong restrictions on what can be exposed in what way. My wife's industry is legal, and they have almost nothing that could be put on a SAAS, even billing information. And of course same with medical.
Of course there are some apps where the online SAAS is close to essential, like real-time collaboration / conferencing.
However anything else, and it looks strongly like the business model is extractive and rent-seeking, instead of providing value. (and this also applies even to IOT devices - I should be able to access those via the IP, not only through your service...)