The end result is the same:
You control what the machine does. The data as well as backups (assuming you arent using specific hardware offerings but just compute and storage)

Example:
I am done with AWS pricing and Azure gave me a fat stack credits to go over there.
Agnostic VMs could be backed up and migrated over to Azure.
Essentially the same as migrating Hyper-V or VMware to Proxmox-VE