Yes, and they're the company's resources so they theoretically do what's best for the company as opposed to hoping Google or (godforbid Microsoft) does it.

The money gets paid either way, and if you have good people it's often the right call to keep it in house but inevitably somebody read a business book last year and wants to layoff all the IT people and let Google handle it "for savings". Later directors are amazed at how much money they're spending just to host and use the data they used to have in-house because they don't own anything anymore.

There are still benefits - cloud DevOps tools are usually pretty slick, and unless your company has built a bunch of those already or is good about doing it, it might still be worth it in terms of being able to change quickly. But it's still a version of the age old IT maxim to never own or build it yourself when you can pay someone a huge subscription and then sue them if you have to. I don't like it, but it's pretty much iron in the executive suite.

As a result, IT departments or companies spend much more than half of their time - totalling years or decades - moving from whatever they were using to whatever is supposed to be better. Almost all of that effort is barely break-even if not wasted. That's just the nature of the beast.