Yep, maybe so.
I would maybe try to make a slight distinction with the way that my university has transitioned to Canvas.
When they had D2L, they ran this product on their own servers.
Now with Canvas, they let Instructure run the server, so since the "server" is no longer a university server (that someone at the university can physically touch), it is "in the cloud."
Maybe this is true of my own Moodle. My Moodle server is not in my house. I have a VPS from GoDaddy. I cannot physically touch this server, so it is "in the cloud."
So with my university's D2L, even though students got to it via a URL (and over the Internet), they would not have said that D2L is "in the cloud."
Well, just my 2 cents. Other positions about this are welcomed.