Perhaps that isn't most use of it; the big projects are really big.
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Fundamentally, yes, what you run in a CI pipeline can run locally.
That's doesn't mean it should.
Because if we follow this line of thought, then datacenters are useless. Most people could perfectly host their services locally.
There are a rather lot of people who do argue that? Like, I actually agree that non-local CI is useful, but this is a poor argument for it.
I'm not aware of people arguing for self-hosting team or enterprise services.