Too little, too late for Oracle I think. No matter how good the product is, it won't be a first class supported thing at AWS, Azure, or Google's cloud. Eventually, that will drain off their customer base. If whatever the big 3 cloud providers are selling as a database is "good enough", then "better" won't be enough to keep Oracle's current position in the market.
Oracle has a lot of "legacy" customers who have a lot invested in their existing Oracle infrastructure. Oracle wants to migrate these customers to their cloud. For "Enterprise" I see Oracle's biggest competitor being Azure.
This one might be longer, say 15 or 20 years...but it's coming.