The cloud isn't the right solution for everything, but I've been migrating infrastructure from on-prem to the cloud for ~10 years and it's saved money, simplified processes, and improved performance in every single case. I've also done a lot of work rearchitecting cloud infrastructure with the same effects.
It all comes down to architecture and design. Many applications aren't designed for the cloud, and of course those systems are costly and painful to run in the cloud.
When I worked as a team lead, my main concern was whether were hitting our goals as a team, and ensuring every member of the team was aligned and ready to do their job. I had a colleague during lockdown who was just not getting anything done. We'd have calls to ensure he understood his task and knew what to do. But nothing was getting done. It'd take him days to reply to a message. I'll never know for sure, but I suspect he was working another job at the same time. He didn't last long in the company.
It all comes down to architecture and design. Many applications aren't designed for the cloud, and of course those systems are costly and painful to run in the cloud.