One problem with "self-hosting" is you're usually still hosting in the cloud – say, on a DigitalOcean droplet or something. That means you're spending $5-10 every month or whatever, plus you're still vulnerable to some amount of cloud-provider fickleness (though much less than a SaaS provider). Much better would be a physical device in your own home. Lately I've been dreaming about a home wifi router that doubles as…
The only mitigation you can do is own your data and programs, so that you can change your gateway if they don't serve you faithfully.
From this point of view, hosting on a provider is not any worse than on your home network, as long as you regularly backup your data to your local machine.
Switching from one VPS provider to another is a lot easier than switching from an ISP to another.
Switching VPS can be done in minutes. Just login to another VPS website and sign up for an account to start renting a server from them.
Switching ISP takes on the order of days instead of minutes.