Running a mainframe comes with the challenges of finding specialists, relying on a single vendor, having to buy at least two in two different data centers for disaster recovery,etc...But purely from performance point of view, as in throughput, and also quality of service, the case is clear for the mainframe.
Spend some time reading the Z15 technical guide, and marvel at what is today the state of the art in computing. We are talking about sustained, full on 5.2 GHz, all the time. Massive IO bandwith, ECC memory everywhere, massive caches, native crypto co-processors.
All this, while your x86, most likely, spends most of its time waiting on memory...
"A Crash Course in Modern Hardware by Cliff Click"
https://www.youtube.com/watch?v=OFgxAFdxYAQ
IBM z15 (8561) Technical Guide
https://www.redbooks.ibm.com/abstracts/sg248851.html?Open=
https://www.redbooks.ibm.com/redbooks/pdfs/sg248851.pdf
What cloud vendors are doing is using, sometimes, custom hardware to create a mainframe at cloud scale. Its just due to the sheer incompetence of IBM management, that they were unable to leverage their mainframe technologies, and offer cloud offerings that would be competitive on a price per compute or storage unit.