I did a cloud migration from a local datacenter to GCP and DB latency was the big issue for us. Latency from our DC to GCP was ~10ms, so an average page load with 10 queries added 100ms overhead which was mostly unacceptable.

Big enterprisey applications like this would love to only be doing 10 queries, 30+ is much more likely, and I bet they won't be moving from 1 DC to 1 cloud region, so 10ms is also unlikely. Back of the envelope suggests more like 1s of additional latency.

That would barely work for a big enough OLAP deployment, with all sorts of varied consumers, let alone OLTP.