"The migration of IT workloads to the cloud is benefiting tech departments"
Err, what?
Hands up all those IT departments who prefer dealing with cloudy stuff!
With on-prem you have a reasonable level of control over what gets installed, what is patched and when it's patched. With cloudy stuff there is much less control (none in the case of most SaaS products), and a supplier fuck-up can at any point cause a deluge of user complaints, which you are unable to do anything about other than lean on the supplier.
And IaaS isn't more straightforward than on-prem infrastructure either - e.g. Azure is harder to configure than a Vsphere deployment. OK, you don't have to patch the firmware but that's not a major factor anyway and the local control makes it more than worth the time.