My Boss is smart and he'd wonder what the business plan would be should say 5 years down the line you want to move away from the cloud for some reason.
You threw away decades of accumulated knowledge about the company and it's systems to save some money upfront.
He thinks on a longer scope than most bosses I've known though (largely because his family own the group so he doesn't have to answer to shareholders).
I'd be wary about how the real world actually deals with that, but there is no lack of large companies jumping on short term costs cuts without looking at the risks.
Really? People incentivised into looking for your best interests vs. a managed organization incentivised into dissolving your contract and gaining on average. I can't imagine anything that could create more different risks.
What people seem to do all the time is looking at an SLA and believing the real world must behave the way things are on paper; because there's a signature there. People do this even after being recently burned by the same partner. Some people have the same trust for in house staff, but the usual on high management is to have the exact opposite bias.