The last couple of companies I worked for were only still in business because they avoided the cloud completely, and their competitors didn't. Paying 4x the cost for something isn't a competitive advantage unless the capabilities the cloud provides are significant. While they are nice, unless you are a very specific type of business, they aren't going to make up for the increased costs.

In fact, the last company I worked for closed due to a disastrous switch to the cloud. Track record matters...