Having your compute in “the cloud” doesn’t remove the need for a good backup strategy, it just changes how it works. Yes, disaster recover for natural disasters should be easier (OHV’s fire showed that this may not always be true). But, that doesn’t cover cases like ransomware, insider threats, data mistakes or any other case where data is corrupted/modified by mistake. You still need a plan for these cases. And cloud based backups actually make a lot of sense.
But, just because you put your backups in the cloud, doesn’t mean that your compute should be there as well. There is an advantage that your Time to Recovery is likely lower with both backups and compute in the same cloud. But, is that worth the ongoing cost of running your compute in the cloud? That needs to be considered separately. You also need to consider the cost of running on-prem versus in the cloud. If you have fairly predictable, static loads, it may be cheaper to buy and run servers yourself. For hard to predict, elastic loads, cloud may make more financial sense.
As others have said before, there was a period where companies were just going to the cloud for the sole reason that it was the popular thing to do. For some it actually made financial sense. For some, it didn’t. The OP’s article seems to be the latter.