If the cedar was installed properly, the back face of the boards was primed before installation. If that was done, the siding should last 60-100 years (or so I was told) with proper maintenance.
If not, moisture is absorbed through the back face, the back swells, and the boards cup up. I replaced about 200 sq. ft. of cupped cedar. Not fun (or cheap, if you hire it out). So check to see if there are nascent signs of boards cupping. May be time to replace 'em!
Our experience with Sherwin-Williams (semi transparent) stains was ok, but consumer reports dissed the longevity of this type of stain.
All of that said, I still prefer the cedar. The vinyl siding always looks cheap, and if IT is installed improperly it looks like your entire condo is doing the "wave".