This topic is mildly amusing because I remember when all (or most) software was sold as "on-prem". Then everything moved to SaaS...and now everything is moving back to on-prem! I used to work for Atlassian which made most of its money at the time I left in 2013 from on-prem software. It was low-touch, high-volume sales to people downloading and installing software on their own servers. They still sell a ton of it too…
But a great many things did move to the cloud, even more were conceived there, and practically all of them are going to stay there. You can successfully run a whole business of a very respectable size without managing even a single on-prem device, and that's great, and that's not going to change.
The push back to on-prem isn't a move, it's an expansion. Old/large/government orgs which for different good and bad but mostly immutable reasons can't let their data off-prem is getting interested. It's a new market, not a change in the old.