Can I buy a laptop with 4GB RAM and use IaaS for computing resources?

I want to buy a new laptop for development (e.g. game development). Looking at the pace of development in the computing field, I want to invest in a really powerful computing power (e.g. 16 or 32 GB RAM, Intel core i9 etc.). However, the price of a laptop with powerful computing power is very high. Instead, can I buy a cheap laptop with 2 GB or 4GB RAM and then buy computing power from an IaaS provider? Will I be able to install IDE, servers (web/application/database) and other software of my choice in the cloud the same way I do it on a laptop? This way, I can replace my cheap laptop anytime or get rid of the fear of any damage to the laptop. Does it make sense? If yes, will it cost me more than buying and maintaining a powerful laptop?