Are you a software company selling software? Then probably not. Are you a software service company selling the convenience of running your software for a relatively competitive price? Then yes.

There are some who will just grab your software and run it locally, but those people were unlikely to be your customers anyways. And then there are those who will pay you to run the software so they don’t have to spend their own engineering resources on it. These are your customers.

Unless something in your code is secret or the software is so trivial to run reliably and keep up to date I see no reason to keep most SaaS software closed source.