Pros of shared hosting
The main advantages of this service
Low cost. Shared hosting, in most cases, will cost much less than any other type of hosting.
The site owner does not need to configure the server (the one with the closet) himself. The server will already have everything necessary for the operation of most CMS software installed.
Free technical support. Most hosters provide free support to shared hosting clients.
Free automatic backups. Decent hosters create and store backup copies of your data on remote servers so that in the event of a server breakdown, it remains possible to restore them.
Cons of shared hosting
Limited resources. Usually, the shared hosting tariff implies severe restrictions on the use of not only the disk space of the server, but also its processor, RAM and channel. Often these resources become scarce even for a site that is not very visited. If you systematically exceed the limits, those support may ask you to change the tariff to a more expensive one, or simply disable your account (depending on the hoster).
Inability to change server settings. Some specific content management systems require you to install or disable some PHP extensions, or change the configuration of Apache or Nginx. On a shared hosting, you cannot do this, and the support service most likely will not help you. After all, if they change the settings of the working server, then this may negatively affect the sites of other clients.
"Neighbours" on the server. In most cases, all those hundreds of sites that are hosted on the same server as your project will be assigned the same IP address. This, according to some reports, can negatively affect the ranking of your site by search engines. For example, if your "neighbors" will place malware or other dirty tricks on their sites.
Pros of cloud hosting
Fault tolerance. The high uptime of cloud hosting is due to the fact that if one server is unavailable (falls), all the others continue to process requests. In such a situation, all sites hosted on this cloud will continue to work normally.
Scalability. In the case of cloud hosting, there is no need to change tariff plans depending on the growth of your site's popularity. Even if attendance increases by several orders of magnitude in 1 day.
Automatic backups. As in the case of shared hosting, most normal hosting providers back up data hosted in the cloud to remote servers.
Payment for actually consumed power. There is no need to overpay for a powerful processor or a large amount of RAM, if your site does not run powerful scripts or there is no influx of visitors. This is the same as in the case of utility bills, if you do not use water (for example, for religious reasons), then you will not have to pay for it.
Cons of cloud hosting
Price. In order to create and maintain such a fault-tolerant and scalable system, the hosting provider spends a lot of money. This cannot but affect the final cost for the user. In addition, if you hang an unoptimized (for some reason, consuming high power) script on cloud hosting or someone hacks your site, then there is a huge chance that you will be unpleasantly surprised by the size of the invoice issued by the hoster.