I cannot comment on Google Cloud directly, as I have not hosted with them. I have however a lot of experience with both DigitalOcean and AWS (Amazon Web Services).
Cloud hosting can be cheaper, as you have more control over what you use, and how you use it. It does require you to know when you need more or less though and adjust accordingly. If you are comfortable with a server environment, cloud providers (google, aws, digitalocean) are perfect. If you are not comfortable with those type of environments (dealing with server maintenance and such) - I would stick with classic hosting, or vps/dedicated options for ease of management.