Indeed.

Cloud is useful for things like flexibility - you need massive dynamic expansion/contraction of resources? Cloud can do it... But at a cost.

Or for a startup - you need resources quickly, but don't want to invest in physical hardware because that's a risky investment if the business doesn't survive. But again, it's not cheap.

Worst of all, each cloud provider has a convoluted system of features, by design, intended to lock you in to their system once you learn it. So you still have staff dedicated to that.

The problem with cloud is much better explained here (I have no idea who this person is, just found their blog to be well written).