Definitely not true. While many companies have active G Suite subscriptions, they still pay for Office 365 because Word, Excel and Access (yes, Access) don’t have any real competition.
Word and Excel are gargantuan pieces of software. VBA aside (which is used very very heavily, and Google’s Scripting Framework doesn’t compare given that everything is executed on their servers), there are some really niche features deep inside of Word that people at big companies use daily.
Also, Sheets is slow as hell compared to Excel, even on small time spreadsheets. Not going to work on the trading floor.
Then there is the whole “kind of sort of works offline” bit that really diminishes the value of using Google Docs. Docs basically doesn’t work on low bandwidth connections, which is a daily reality for a lot of business people that travel. That’s the main reason why I prefer Office; it is a lot easier to work on talks and blog posts offline with it.