That seems right. “Processes” (which includes LinkedIn and Office) and “intelligent cloud” are the largest part of their operating income.[1] “More personal computing” (which includes Windows) was less than a third, only 27%, of their total last year:

  (In millions, except percentages) 2021  2020 Percentage Change
  Processes $ 24,351  $ 18,724 30%
  Intelligent Cloud 26,126  18,324 43%
  More Personal Computing 19,439  15,911 22%
  Total $ 69,916  $ 52,959 32%

VS Code, GitHub, LinkedIn, and their pervasive telemetry are definitely part of a broader strategy.

[1] https://www.microsoft.com/investor/reports/ar21/index.html