Perhaps what is needed is different levels of security that can scale according to varying requirements.

off-prem vice on prem

cloud vs discrete

cloud vendor vs Evervault vs customer only HSMs

Speaking of my specific requirements for HSMs, am most interested in high security use-cases for which cloud, off-prem, are less of a match.

I do think there is value in using Nitro for some of the use-cases, because some HSMs have astonishingly low MTBF.