If you mean cloud as in EC2 or it's ilk, probably. But in a case where scalability isn't as much of a concern, an appropriately spec'd server can be quite affordable on KimSufi/SYS (maybe 30/month?)

I got sucked in by TOTK and Elden Ring so I can't say I've had the same experience. I basically haven't played a multi-player fps since I graduated university though, so that must count for something? I played a ton of those back then.