Yes, that is in theory.
In practice, once you go cloud you are completely reliant to provider service. All your data, all your business is reliant on it. That is maybe acceptable for some "mumbo-jumbo" tech startup, it is maybe OK for third-grade juice producer from... somewhere. But for serious business, that is completely crazy from many standpoints - money is of secondary importance in that matter. Not to mention some more "serious" business, or any company outside the USA "zone of influence" who can tomorrow be left without anything if the USA implements some kind of embargo... Which is happening quite often recently
So, no, I do not think that is proper way forward for anyone. The Internet and Personal Computing era was all about freedom - and now we are going in completely opposite direction. Only software companies are the ultimate benefiter of these processes.
All that speech about free market, freedom, and we are actually heading to completely centralizing everything and leaving it in hands of two - three biggest players
That is crazy.