We recently looked at moving our workload to Azure. Lead by the Dev team. They looked at ways they could leverage various Azure services and technology (no idea which, it's their job) and the most economy option they came back with was $23,500 CAD per month. I presume that's based on them leveraging the most economical services in the best way. No idea though as I'm not involved on that side.
Our new server infrastructure which Dev use comes to just below $350k CAD which is set to last 5 years until the next replacement.
That's just below $6,000 CAD per month. Far less than the $23,500 CAD that Azure would cost. Even if we take IT staff wages in to this were still at a much lower number for dedicated systems with no contention.
For email, CMS etc, sure. For what our Dev team use, nope. And that's them leading that costing, not IT.