We did an investigation in this area 7-8 years ago in this area, and found that most cloud services were based on servers utilizing average speed processors. Most of the cloud systems benefit from high amounts of memory and storage, rather than high end processors.
Because of that, performance on a cloud server was not found to be faster than a similarly equipped desktop.
That said, you may be able to find a service which has hardware configurations that provide better performance, but again I would not expect them to provide huge performance improvements.