Whether that's an important saving or not changes from business to business, but anything less than 1000% seems only achievable by customized discounts from the cloud provider.
I feel like this is comparing some cost-optimized on-prem scenario with a "idgaf, I'm prioritizing growth over cost savings" cloud scenario. Every company I've worked at has been way more concerned with growth to the point that the cloud spend is wildly careless, but we could easily reduce it by a factor of 10 with dramatically less effort than it would take to move on prem.