You’re adopting an almost religious dogma about this. At the end of the day, it’s a dollars and cents decision.
During development and growth of services, cloud makes total sense as you abstract the capital costs. If you’re a startup making Uber for cupcake makers, you’d be dumb to do anything else.
Depending on your needs, once things settle down, it’s often cheaper and more effective to capitalize your costs yourself.
It’s akin to a car. If you go somewhere for a day or two, Uber makes sense. For a week or more, rent a car, for a year, you probably want to buy or lease a vehicle.
Again, it depends on you. For me, I have large workloads running in GCP and Amazon. But 80% of the production I’m responsible for is “on-prem”, because it’s about 30% cheaper. YMMV