I just enabled Cloudflare web analytics on my site rather than try to figure out Google's new thing. All I care about is tracking visit trends and referrers, and that's actually way easier in Cloudflare's UI so I'm happy.
One nice thing about it is that there are some pages on my site that I never bothered to add Google Analytics to, but Cloudflare adds their tracker automatically to every page. It couldn't be easier, which is great as analytics is not something I want to spend any time on.
My experience with cloudflare is that it counts every bot as a visitor, so Facebook pinging your site 5000 times in a day shows as 5000 United States visitors - not so useful to analyze. Is it different nowadays?
Not sure how it compares, I set up self hosted matomo (originally named piwik) and it's been running without issue since 2013 or so. https://github.com/matomo-org/matomo. Only useful if what you're running is on php. Probably would've picked a different stack today.
Nothing really wrong with PHP or Matomo, which is why I mention it as something I would recommend. But, it is a requirement for hosting Matomo.
I would pick a different stack today mostly due to wanting to try other stuff out, and not so much because something was broken about it. Website still loads faster than 99% of the internet today, and I'm happy with it.
My point was that Matomo is PHP, but your website doesn't have to be on the same stack.
Normally the analytics platform should be hosted on a separate server for performance and security reasons.
For example, the demo dashboard of uxwizz.com runs on PHP/MySQL on a $5/mo VPS and it's faster than most analytics platforms, even those running on big cloud infrastructures, because for the low-traffic use-case the simpler the solution and technology, the better.
I assumed that if you are self hosting, that you don't bother using a separate hosting provider for just analytics. I should probably not have suggested anything other than "matomo is nice". The technical requirements are fairly obvious, and my extra information was just easy to misinterpret. I'm sure people can figure it out. Have a nice day