This misnomer is frequently brought up, but untrue. Whether you’re on prem or cloud, the skills are transferable and staff needed regardless unless you’re a dev who just knows API calls for cloud services (my condolences). Cloud doesn’t mean you don’t need to know the infrastructure, it’s workload management. You still need to know how the underlying fundamentals operate, or you get burned (either through excessive cost, unexpected performance degradation, or data loss).
Absolutely. Its not like you will have one less person in the cloud. You'll still need the same amount of people (maybe more!), but they'll just be doing different things.
Disclaimer: 18 years in different ops roles