Yes you lose complete access to the Wyze app. There is another recommended app you can use to replace it called Mi Home but the point of this for me was to replace any cloud stuff.

That being said if you have a video server like MotionEye or maybe Smarthome has it (that was mentioned before), you can likely do some alerting based off that. I know MotionEye has email alerts and might have some other alerting that I don't use.