If FHE could be made to work (and we are a long way off), the cloud provider would not be able to see your data even though you're doing processing on the data that remains on the cloud provider's CPUs, so in that sense it would protect you from Amazon/Google/Microsoft/plug in your cloud provider here.
Then how can they extract "insights" from the data if they can't see the data? At what point do the "insights" defeat the purpose of protecting your data from the cloud provider? Or are the claims in the article bogus?
