At least as far git is concerned, you will not save any disk space when using it compared to plain old cloud storage. The reason is that git has to store each revision of a file in its history in order to be able to check out the associated commit. That means your git history and with it the size of the .git folder and the space used on the server will grow everytime you commit a change to a file.
LFS might work a little differently, but file size savings should not be the primary motivation for using version control systems, especially for binary assets. Cloud storage with some sort of file versioning system that’s capped by number of versions or date would be better suited for that.