With raspberry pi prices and availability issues - I think the concensus in selfhosted community is to prefer a thin client, which would provide better performance, while being more reliable, and only slightly more power hungry
If you’re simply doing cloud storage, a Raspberry Pi and SSDs will be just fine. If you’re wanting to run a bunch of processes all at once I’d recommend a Beelink or something a bit more dependable. I had Plex, HomeAssistant, AirPlay/Spotify, and NextCloud running on my rpi4 and performance was finicky. RAM was an issue and occasionally it would all crash. Raspberry Pi’s seem to do better with one or two tasks at a time in my experience. Can’t speak for the Raspberry Pi 5 though.
Nice, yeah I’ve heard good things. Also, I just came across umbrel today and thought I’d share since it’s related. Looks pretty cool but don’t know how it is privacy-wise