My experience hasn’t been so black and white. There is still a trade-off on giving up flexibility, which is one reason to move to the cloud. When I modeled it out (3 years ago for AWS, more recently for Microsoft) the one year commit struck the best balance between cost and flexibility.
There is one truism: cloud costs always seem to grow faster than revenue. :-)
Also bear in mind that the savings you get from RIs will generally outweigh the reduction in price of the instance.