To store files in the cloud, you would use the Back and Restore function in the Studio One menu.
Otherwise all your files are already stored on your local machine.
File locations are stored in default locations, these can be changed.
When you create a new song you can choose the file path by clicking on the three periods as indicated here:
For existing songs, you can change the file path by going to Preferences and selecting the locations tab to edit your default locations for audio files, and plug-ins if necessary. Easy ways get to Song Preferences, select (Command + Comma on Mac or Control + Comma on Windows) or by selecting Studio One in the menu bar and selecting Preferences.
Then in the Preferences window select the Locations Tab icon.