Elon Musk moved "X" back to on-prem with, reportedly, a substantial savings.
There are a ton of other companies that have or are considering moving back to on-prem. Here's a decent search link...
And does anyone remember the very large outages in several large areas of the world for things like Outlook and O365 because of mistakes made by MS?
If you're not actually a FAANG-sized company, is the cloud actually right for you?
The answer is, of course, "It Depends". If you're not there yet (in the cloud), make sure you do a really good cost analysis. If you're already in the cloud, you might want to do that same cost analysis, again.
Is the cloud a bad thing? Is on-prem a bad thing? Are either actually good things?
Again, "It Depends" and you've got to do the right analysis. Just remember what "X" has recently done and why and to be sure you include such consideration no matter which direction you're thinking of moving.