Yes, it will help you to cover cases like where the server phyically explodes, but that's basically irrelevant, most problems where you need a DBA are caused either by data corruption caused by application code or developer, or performance issues caused by DB structure - in those cases the cloud platform won't do anything for you, they just host the server. They can restore backups, do monitoring and tune the server, not your particular app/db structure - but all the big problems are there.