>> You and your End Users (as such term is defined in the Privacy Policy) will retain all right, title and interest in and to any data, content, code, video, images or other materials of any type that you or your End Users transmit to or through the Services (collectively, “Customer Content”) in the form provided to Cloudflare. Subject to the terms of this Agreement, you hereby grant us a non-exclusive, fully sublicensable, worldwide, royalty-free right to collect, use, copy, store, transmit, modify and create derivative works of Customer Content, in each case to the extent necessary to provide the Services.
but doesn't state as Vultr did: "and otherwise use and commercialize the User Content in any way that Vultr deems appropriate" and Cloudflare uses the term "to the extent necessary" which to me seems more specific than a vague wording of "for providing services".
I'm not a lawyer, I'm interpreting this to the best of my abilities. In general, if something feels odd, it's best to back away.
Cloudflare's license grant is quite appropriate because the whole point of a CDN is to make copies of your content and cache them closer to your users. Cloudflare also provides numerous tools that modify, and create derivative works of, your code and images on the fly.
Vultr on the other hand is just a bunch of compute/storage resources hooked up to pipes. They have a rudimentary CDN offering, but that's about it.
Cloudflare #2 certainly is it: https://www.cloudflare.com/website-terms/