Nobody truly owns any bitcoins..because the ownership is only established when you are able to apply a correct private key in a "send" tx (via hardware device or something else), albeit validation of the private key is possible.
Before that, it is all allegedly. This is in principle, of course.
Even though you may well be correct, isn't that still a bit philosophical and abstract... and maybe it is a point worth emphasizing for some purposes.
If we might assert that the private keys are inside of a hardware wallet, and the bitcoins are not inside of such hardware wallets, the bitcoins are in the cloud.. and ONLY the cloud that is part of the bitcoin cloud.. no other cloud... but then anyone might argue that the bitcoins do not exist in any one place because it takes a bunch of nodes to say what is bitcoin.. . all of the nodes have copies of which bitcoin are which, but aren't some of them going to sometimes get out of synch.. or maybe not be running exactly the right software to recognize what others might be recognizing. I better stop before I even get further out of my depth. and just say, uncle... hahahaha