I think this is broadly correct but I do think their cloud services business holds some promise. Although a distant third at best behind AWS/Azure (and maybe fourth behind OCI), I have seen some pretty large shops with a ton of volume of all of their compute to GCP. It does seem like the immense infrastructure Google had to build to power this firehose of money has the skeleton of a great product to power the cloud workloads of many other businesses, in ways that can compete with AWS on their home turf. But this is conjecture from my end, I haven't used GCP in the heat of production.