Sure, you can screw up on prem. But if you are only marginally competent spinning up services/servers/clusters takes but an instant, it's dirt cheap, and vastly more reliable.
Our only significant outages in the past 10 years have been our services dependent on big clouds. Including the Pre-Thanksgiving AWS one last year.
AWS outage history here https://en.wikipedia.org/wiki/Timeline_of_Amazon_Web_Service...