Usually in crunch time if there's not enough nodes in the render farm they might rent nodes connecting them to their network for a period of time, or they might use the cloud, or they might get budget to increase their render farms.
From what I've seen the Cloud is extremely expensive for beefy machines with GPUs, but, you can see that some companies use it if you google [0] [1].
GPUs can be used for some workflows in modern studios but I would bet the majority of it is CPUs, those machines are usually running a Linux distro and the render processes (like vray / prman , etc.). Everything runs from a big NFS cluster.
[0] https://deadline.com/2020/09/weta-digital-pacts-with-amazon-...
[1] https://www.itnews.com.au/news/dreamworks-animation-steps-to...