How much storage can you afford for your photos on the device with the least storage? the device with the smallest storage will be the bottle neck.
Tony already explained about the optimised smaller versions, but if you keep filling iCloud with photos and videos and you have only optimised smaller versions on your iPhone or iPad, working with the photos and browsing them may become painfully slow, because even the thumbnails will become so blurry or even white, that you cannot recognise and find any photos. As a rule of thumb I would reserve at least 10% of the storage in iCloud for the local optimised versions. I am only keeping the photos in iCloud that I am currently working with and my favourite photos. That makes it easy and fast to browse my photos and find the ones I want quickly, even on a small iPhone display.
My large archive of all photos is stored locally, because it is much easier to backup my photos, if they are stored locally. I can simply clone the drives with the archive. And the iCloud Photos Library (not optimised) is backed up by Time Machine on my Mac. Once your photos are in iCloud you will no longer have a Time Machine backup of them, unless you are not using "Optimise Storage". The iCloud backup of your iPhone and iPad will also not include the photos from the iCloud Photos Library.
How are you planning to keep safety copies of your 3TB of photos, once they are in iCloud?