> It depends on your workload.

Very much this.

Small team in a large company who has an enterprise agreement (discount) with a cloud provider? The cloud can be very empowering, in that teams who own their infra in the cloud can make changes that benefit the product in a fraction of the time it would take to work those changes through the org on prem. This depends on having a team that has enough of an understanding of database, network and systems administration to own their infrastructure. If you have more than one team like this, it also pays to have a central cloud enablement team who provides common config and controls to make sure teams have room to work without accidentally overrunning a budget or creating a potential security vulnerability.

Startup who wants to be able to scale? You can start in the cloud without tying yourself to the cloud or a provider if you are really careful. Or, at least design your system architecture in such a way that you can migrate in the future if/when it makes sense.