Better is relative - especially in one metric: many eggs in one basket make that basket exponentially more attractive to evil actors. Bigger attack surface and whatnot...
Flipside (pro-cloud pov): if the work to protect one egg applies to all eggs, then cloud providers will always hypothetically be able to spend more on security due to economies of scale
Essentially, choose your vulnerability: cloud provider single point of failure or in-house lack of resources
Essentially, choose your vulnerability: cloud provider single point of failure or in-house lack of resources