I'd disagree in terms of the cloud capabilities. When it is used properly. The cloud stuff is very useful. I currently have a document that is going through multiple versions with about 8 people, with different expertise collaborating. Some have edit privs, some only have review. The ability for everyone to work on it simultaneously, with version history and no more document-v12-copy3_FINAL_FINALv2 is most welcome.
Multiplayer PowerPoint is the single largest advance in the business world since the spreadsheet.
If used properly.
If you heavily rely on Word and PowerPoint. I know several companies that almost never use those products except in limited situations (legal, keynote presentation etc). All "regular" discussions/presentations take place on Confluence/Notion/Quip etc. I wish my company did the same thing.