It's definitely a thing, yes - myself, renting 48 core/320+gb ram as my remote test lab :/
So Chrome/AOSP/Chromium targets are not a problem to be building daily even on a entry level R5, but shipping a sequence of releases following some plan especially when having a dozen of SKUs and a need to revisit - can definitely win from local order of extra blinkenlights.
I'd say...
Compiling/fuzzing: go for faster cpus locally / optimize ssd. (Check build trace chat, 1/3 is basically "write and delete 50gb of temp fs images") .
Compiling: rent cpus / buy remote cheap storage
Shipping releases: rent it
Setting up QA, sweatshop lab/training environment: own it