No less than self hosted, imo. If youre on some cloud it doesnt really matter that you pay them absurd amounts of money, you arent sovereign.
So literally a computer at home/in the office, as with anything else you don't really "own" the infrastructure? Or is this just about "cloud"?
So if a company self hosts their physical infrastructure which will burn down once a fire sets in, they are more "sovereign" than a company running on a redundant cloud? I definitely would not want to be "sovereign" then.
Point is: This discussion is much more multi-dimensional than some suggest.