Hey @Moiz Shaikh Aleem welcome and all very interresing questions for your specific region.
Regarding your last question:
I feel it's safe to say -> yes. The way things are going means that any development towards the on premise version of Jira (and other products) will not continue. There are some contingencies regarding specifc CVE's for a longer period but all in all the move to cloud should be considered fully and final.
Self hosted solutions are spread thin these days and even those are pushing more and more toward cloud integrated functionalities.
For the other questions I'd suggest opening up a support ticket with Atlassian direction (https://support.atlassian.com/contact) or if you have a partner available, have them set up meeting with someone from Atlassian directly to address the concerns. Here on the public forums we'll do our best to advice you but we're working with the same information that you have access to.
When it comes to regions for data residency, with Atlassian also adding Google Cloud in to their offerings there might be some things on the horizon that could help you with that.
Isolated Cloud might also be one that benefits you, but again it depends on the region (and keep in mind that such options are never cheap).
So all in all (imho), we'd be guessing just like you what Atlassian's final strategy is so you're better of either raising it through support or reaching out through a partner with your questions.
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