It certainly seems unlikely. Maybe it's the current operational cost, not subtracted the new operational cost. Maybe it's due to already adopting cloud and thus having paying double. Maybe it's due to the use of mainframes, rather than conventional servers.
Either way, it's definitely not the cost difference between on-premise and cloud. Cloud providers are not charities, and their buildings and staff are not cheaper than yours.
Either way, it's definitely not the cost difference between on-premise and cloud. Cloud providers are not charities, and their buildings and staff are not cheaper than yours.