more or less yes, that was its main advantage, but most of the cloud doesnt really compete there.
Shadow cloud gaming is an example that competes with nvidia on that front if game ownership is part of your concern, but its not the main concern for all cloud services.
only casually read stuff on hardocp around the sandy/ivy bridge generation. but yes a good chunk of it died to video coverage of the content. its why for example Gamers Nexus has the reverse approach where the video content is their main priority (and audience) and they maintain their own website because thats what they wanted to do.