I dont think any opinion right now is going to be definitive. This is like mixing paint, the edges are still white, while the centre is colored.

What Iam seeing is that customers are delaying purchases of large expensive software. Prime example; SAP. ECC migrations to SaaS model RISE/GROW-PublicCloud are stalling, same with onprem S4 to RISE. I see a whole bunch of my customers instead go with retaining the core but modernize surround apps with intelligent custom apps without feature bloat. For now, SAP/oracle/whatever remains the system of record, the edges are going away. I guess the same is likely happening in other spaces.

This change is coming. Definitely. The current moats around SaaS will fall and the alternate ecosystem might not have moats at all.