Of course it is not free of all management but for our use case it is working.
There are hiccups with the CI runners from time time but nothing major and we have another machine in another rack that serves as a backup which can be brought up ~< 20 minutes.
I know companies have long since tossed their expertise for hosting their own stuff in favour of SaaS but at some point its hard to beat the up time of a single machine.
It's a lot more expensive and has a good bit more limitations to the regular SaaS product.