No way. Small to medium sized businesses don't need physical servers anymore. Which is most businesses. It's been a huge boon to most people. No more running your exchange servers on site. Most things that used to be on-prem software have moved to the cloud and integrate with mobile devices. You don't need some nerd sitting around all day in case you need to fix your on-prem industry specific app.

I have no idea how you can possibly shrug off the cloud as not that beneficial.