On premise in my opinion needs a dedicated team managing hardware and leverage solutions to provide that as VM's/Containers/etc to teams. Another team focused on OS level security and base image, then your dev teams can effectively focus on their app and leverage the automated tools provided by the hardware and OS teams.
Cloud gives you at least half of that, or all of it depending on your approach, for a cost. There are points where the cost makes sense and times when it doesn't, and typically that changes through the life of a company. Unfortunately there is a not insignificant overhead even with current tools to maintaining a truly substrate agnostic infrastructure that can be deployed on top of multiple clouds, on-premise etc... so companies are locked in even when economics change.