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@Velocio
It isn't fast enough, and it's to do with network rather than the storage.
It's good enough... for most people, for most scenarios... but if you intend to do things with raw files, rendering, encoding, etc... then the only way to do it is to remove the slow bit which is the network. Which means, uploading the data, and having big computers near the data process it in whatever way, and then download it once done.
The thing you should not do, is treat cloud storage as if it's local and process things with your computer. Unless the local copy honestly is local and on a physical disk.