If you look at TCO, and include opportunity cost for those on-prem services where you might be caught behind the supply chain eight ball for weeks or months, th

If you look at TCO, and include opportunity cost for those on-prem services where you might be caught behind the supply chain eight ball for weeks or months, then I think you're right. But you have to look at all sources of costs on both sides. And it's certainly possible to configure any cloud provider in a way where it is much more expensive than a corresponding on-prem solution, and it's also possible to do the reverse. Where things get interesting is where you compare all sources of costs on both sides, and both sides are as cost optimized as you can feasibly make them. Then you are a rare unicorn indeed.