No, the value proposition was always about saving money, turning CapEx into OpEx. Direct quote from my former CEO maybe 9 years ago: We are getting out of the business of buying servers.
Cloud engineering involves architecting for unexpected events: retry patterns, availability zones, multi-region fail over, that sort of thing.
Now - does it all add up to cost savings? I could not tell you. I have seen some case studies, but I also have been around long enough to take those with a big grain of salt.