If it was the case that we needed less total aggregate time for a cloud deployment, we would see it represented in operations headcounts.
What I have witnessed is actually the opposite; as mentioned elsewhere in this thread I was on a team of 6 sysadmins (who knew perl/python and C as a requirement for employment, so more like "devops" but with worse tools): and we ran 1% of web traffic on a few hundred physical machines.
However, Ubisoft has 5% of it's total headcount as IT staff, my last job has roughly a similar number of staff for a multiplayer game as I had for a huge SaaS web-store which even ran it's own payment systems (IE; before Stripe existed) and had regulatory compliance issues to take care of. -- and Ubisoft is using AWS/Azure/GCP and has moved away from bare-metal hosting, and my last job only ever ran on cloud providers, as it was du-jour when they started the company.
I have yet to see any evidence that it actually saves time. I think it's weaponised short term thinking, because going from the console to a running system indeed takes less time, but the tinkering with CDK/Terraform/IAM/VPC and trying to architect your solution to be cost effective and reliable is taking at least an equivelant amount of time it seems.
Statistics don't lie here, if "devops" and "SRE" is the new sysadmin then headcounts have not fallen. Operations staff are in as much (or even more) demand as they were in 2010- We just made operations more complex and vendor specific.