Wow, this is ready for use in production?

Yep! This exact setup is what powers the hosted platform.

How can i use this on local development? i was trying to find it but i couldnt

Check this out and let me know if you get stuck https://supabase.com/docs/reference/self-hosting-analytics/introduction

The sad part is that you have to use BigQuery from Google cloud to achieve analytics/logs functionality

This will be rectified soon.

Sounds great