I don’t like it.
Cisco semi-liker guy here.
I’d prefer that if my on prem kit can get to its management plane at any time. If it sits elsewhere (ie the cloud) and there’s some kind of outage between my place and their place then managing my kit would be problematic. I understand that with similar propositions when connectivity to management is lost then the kit still functions in its last state but you’re unable to make changes. That’s not the point though.
Also, I like having out-of-band management access to all of my gear regardless. You know, through the management Ethernet interface in its own VRF on the back of the switch (or whatever else)? Can’t do that when I need to go in band through the internet or some other link to some VM in cloudland.