I agree there's too much emphasis on Snowflake, but I think the article still makes a good point, which I interpreted as something like this:

1) Cloud provider core competency is basically IaaS

2) Some level of SaaS was baked in to attract or lock-in customers, but isn't really a core competency

3) This leaves room for faster more agile startups to come in and build best of breed SaaS solutions on top of the IaaS, including those areas where cloud providers already have their own solutions.

I don't see a tipping point on the horizon to warrant language like "impending reshuffle", but I think it's an interesting trend to keep tabs on.