Welcome to the community, Ryan!
To be honest: the more, the better!
😀 So I'd recommend you to do both.
The offsite backup is definitely a great way to have your data backed up immediately, but then again regardless of the storage hardware, devices fail. Still, they could be really reliable and handy. Mostly because the transfer of the backup would be a lot faster, whereas the cloud-based backup is definitely going to take some time.
The cloud backup (assuming you mean cloud services) does give you some peace of mind as well, indeed. Cloud-based backup services protect all of your data from a possible on-site disaster (server failure, dead drives, power surge, etc.), however they are costly (as you expand the storage capacity available), slow and people often fear their security capabilities.
However, having multiple backups stored in different locations (offsite and cloud services) is certainly going to save you from a lot of headaches and potential data loss.
Hope I was helpful. Keep me posted with your questions!
SuperSoph_WD