Somewhat but not competing with its customers has been a central part of Arm's proposition for three decades, for good reason. There are at least a lot of competitors for Nvidia's design. Your options if you want to build a server core are a lot more limited.

> Kind of like Nvidia selling GPUs and also offering cloud GPU services?

Different in that ARM only 'designed'. It's more like a framework / library / tool (a very feature complete 1).

The Nvidia case is more similar to having a self-install and then a cloud hosted version of the same software.