Here is a way to have all your data with you anywhere, and plenty of processing power when at your desk.
The phone should contain enough encrypted storage (as SSD) for all your data (not suitable for data hogs); currently maybe hundreds of GB and most apps/programs.
The phone should also have enough processing power to run the main apps one may need when mobile; as much as may fit in a convenient phone factor.
SO while mobile it will still behave like a phone but when you get to your desk (work or home) you can dock it into a “Power-Station” that has desktop processor power (whatever you can afford) and uses the SSD part of the phone for data/apps/programs.
Of course some “Docking-Power-Stations” can have their own storage that could even sync through the cloud so you don’t really need to plug the phone in, but may have security that prevents you from using it if the phone is not nearby (over-rideable somehow if you forgot your phone).
But if you find yourself away from home you could plug your phone into a (certified-for-security) “Docking-Power-Stations” to get your full work environment.
It is true that some of the benefits are covered by current clouds solutions that can have your data so you can work on it from anywhere, but I think the technical barrier is very low.
This solution would allow one to bypass the cloud if so desired. One “home/work” “Power-Station” could have local backups so there would be no need for the cloud even as a backup solution.