Yes and no. I work for a bulge bracket bank and we're moving a significant number of applications to the cloud, including AWS, GCP, and our internal cloud offering.

But we have literally thousands of internally developed applications. We can move thousands of apps the cloud and still have a need to keep thousands on virtual/physical machines. My own apps are stuck on commodity physical hardware for at least the next few years.

The type of applications that can historically been run on mainframes is not really moving to AWS/cloud. Most of what's going to the cloud is what I would consider to be "supporting" applications, not core applications.

My own experience, that of others may differ.