I have a static IP (didn't particularly want it but my ISP required it for port forwarding for some reason). I'm not currently hosting anything, at least not anything externally accessible, but when I did I had a tiny AWS instance configured as a reverse proxy to a separate reverse proxy VM in my house. It worked for me and if anything I hosted ever got compromised it escaped my notice.

However, I think the advantage of using something like Cloudflare rather than the way I did it (and as it sounds like you might) is threat mitigation. Especially stuff like DDoS protection.