As for content, we found the OTT packages offered about 70% of what was available from the cable provider, and between that and OTA satisfied about 98% of what we actually viewed.
With the on-demand features of most of the OTT package offerings, we really don't miss nor use the cloud based dvr service. Interestingly, in this market, PS Vue provides local station access to the "big four" broadcast affiliates, and there are odd times when the wind is blowing strong and multi-path reception creates issues where I'll opt for streaming rather than OTA.
Yeah. A lot of folks, when contemplating dropping traditional cable/satellite TV to be replaced with streaming on-demand services, worry that they're going to miss certain basic cable/broadcast shows that they watch now. But I think that a lot of people find that some of those shows are available to watch immediately/next-day via Hulu (original on-demand service), and the PBS app, and the CW app. And then others become available to watch some weeks or months later on Netflix or Hulu or Prime Video. And, to me, that isn't a big deal. It's kind of like waiting on a movie to come out on Blu-ray or HBO/Showtime rather than watching it right now at the cinema. And a bonus of waiting until a cable show comes to a streaming service is that usually the entire season becomes available at once, so you can binge watch if you like, rather than waiting a week in between eps. Another bonus is that, with regard to streaming content from Netflix, Hulu, Amazon Prime, Showtime and HBO, it almost always has better picture quality than is the case if watched/recorded from either cable or OTA channels (although sound quality is sometimes reduced from 5.1 to only stereo on some streaming sources).
And the other thing they realize after cutting the cord is that some of that stuff that they thought they'd miss from cable TV, they don't really miss, because they spend more time checking out content in Netflix, Hulu, Prime Video, and/or the streaming services from HBO, Showtime or Starz (not to mention various free, ad-supported sources like YouTube, Tubi, etc., as well as niche subscription services like BritBox, Smithsonian Earth, etc.). Netflix, for instance, really keeps building their catalog of content. It's hard to keep up with all the new stuff that they make available. And if you already have regular cable/satellite TV, you may be relying on that so much that you don't really bother to discover just how much stuff Netflix (and other sources) offers. It's not just scripted series. Netflix offers lots of true crime docuseries, nature docs, food/home shows, etc. And, in many cases, the quality of the content itself is better from Netflix and Hulu than what you'd find on basic cable channels.
The main thing that's missing, of course, are sports and talking-head opinion "news" shows. If you really like that stuff, you'll miss it when you leave cable, unless you get a "virtual cable" streaming service like YouTube TV, PS Vue, etc. (Although you can replace some of the news stuff with free apps from CBS News, NBC News, ABC News, and PBS, plus Sky News live feed via YouTube, etc.)
There may well come a time where we may forego OTA as well. Our "younger" neighbors have a similar setup, but do not use OTA- only OTT streaming. It's how they've accessed media for some time now, and they're very satisfied with that choice. They don't have a landline telephone service either, for similar reasons.
Yeah, when I initially cut the cord, my thought was that I still wanted the traditional cable DVR experience, just with my local OTA channels, to be supplemented with streaming apps. So I bought a TiVo Roamio OTA, which I kept over 3 years but sold a few months ago. Over time, I've found myself relying less and less on OTA. For a lot of people, myself included, it's just a pain in the butt given the finicky unreliability of the OTA broadcast standard that the US uses (ATSC 1.0). I'm happy just to pay $12 for ad-free Hulu, which largely replaces the need for an OTA DVR, while also offering a lot of additional content. I do still turn to OTA TV for background noise, for occasional live breaking news and the occasional football or baseball game. And I use free open-source DVR software (MythTV) to record news shows (e.g Meet the Press, NBC Nightly News) and certain PBS shows to my computer and then watch through an app on my Apple TV. (PBS is an exception in that the HD video quality from their app is definitely inferior to that of their local OTA channel.)
I'm a Gen X'er but I can definitely see why the typical Millennial and Gen Z'er don't even bother with free OTA TV. Much simpler just to rely on streaming.