A word of warning from personal experience:
I am part of a medium-sized software company (2k employees). A few years ago, we wanted to improve dev productivity. Instead of going with new laptops, we decided to explore offloading the dev stack over to AWS boxes.
This turned out to be a multi-year project with a whole team of devs (~4) working on it full-time.
In hindsight, the tradeoff wasn't worth it. It's still way too difficult to remap a fully-local dev experience with one that's running in the cloud.
So yeah, upgrade your laptops instead.