Yeah, I think so. The "cloud" is the part of the network you don't have to care about. She doesn't care whether the video is on her home computer, or MS servers, or her laptop. It pretty much all works the same.
That's the exact reason it's a particularly horrible commercial though.
She says "cloud" to refer to her machine. If she had turned it off before she left the house, would "the cloud" have gone away? It sticks out as being egregiously nonsensical because it violates the only remaining common property of what "the cloud" might ever have meant.
The hackneyed and (mis)appropriated uses of "cloud" are almost innumerable at this point. But up until that commercial, at the very least they all agreed that data "in the cloud" doesn't become inaccessible if your home machine or ISP is non-functional.
It's nothing more than a buzz word now. In the commercial they say "To the cloud" and then he uses remote desktop. This is something that could have been in a commercial 10+ years ago but is only appealing now due to the word "cloud" ("to the internet" isn't nearly as cool).
Really? Cheap laptops, high-bandwidth wireless, and first-party free file hosting (on Windows Live Mesh in this case), 10 years ago? The "cloud" may not have changed, but it is suddenly relevant (read: marketable) to a lot more people than it used to be. Hence the advertising.
Tell that to the Amazon and VMWare CTOs. It is also a buzz word, but there is a real underlying change in it - which is the change of IT from a former "custom setup" to standardized automated processes. And it's making waves in companies IT departments because it shakes the old model.