That's an incredibly bad take lol.
There are times where "The Cloud" makes sense, sure. But in my experience the majority of the time companies over-use the cloud. On Prem is GOOD. It's cheaper, arguably more secure if you configure it right (a challenge, I know, but hear me out) and gives you data sovereignty.
I don't quite think companies realize how bad it would be if EG AWS was hacked.
Any Data you have on the cloud is no longer your data. Not really. It's Amazon, Microsoft, Apple, whoevers.