One other thing to look at would be bandwidth. On-Prem, you may have a Gb ethernet connection between you and the server. In the cloud, you may have reduced bandwidth.
As an example, I currently work from home and pulling in data from a SQL instance is substantially slower than on-prem. My work around is to RDP to an on-prem machine when I need to run big queries or want to do query tuning. We run everything on-prem, but my internet at home is a LOT slower than what is offered at my workplace.
The above is all just my opinion on what you should do.
As with all advice you find on a random internet forum - you shouldn't blindly follow it. Always test on a test server to see if there is negative side effects before making changes to live!