Moving videos to iCloud

Is this really necessary? A few years ago I needed an external hard drive ($$ to me) to handle the storage of a growing volume of videos (mostly home projects—not downloaded). Now Apple wants me to move all my videos to iCloud so I can view them on “all my devices”. They of course don’t mention that my storage will need to be expanded as well ($ to me). They no longer support moving my videos to my iPhone from iMovie. Am I being taken for a fool, or is this just technological evolution and I’d better get used to it?