In my experience it's not. The cloud will glitch. The load balancing algo will break subtly for your workload. Your traffic will get blackholed for no apparent reason. I spent a week trying to convince a cloud provider they fucked up (the time it took for them to give us someone who could run the appropriate tcpdump) once. There was no global outage.
It's on you to determine if this is important for you or not in your case, but you will need to mitigate it above a certain SLA threshold requirement. It's far for consigning CAP to history or a curiosity, which is like saying you will never have network issues if you use "serverless" stuff.
Not talking about anyone in particular, but sometimes I feel people building and using the cloud reach hubris level of surety in their systems - I worked both sides of the fence, and I know the long tails of fuckups that impact customers though...