elm-pages v3 has full support for cloud functions written in Elm. It’s not first-party support, because there is no such adapter (the only first-party adapter is for Netlify, running as a traditional server), but there is full support for writing third-party adapters.
One of the main advantages of Elm-Time is the integrated functionality to make running backends using the Elm architecture easy. I don’t know how much of that is of interest to Airsequel.
Elm-Time is open-source. (That includes deployments, migrations, admin interface, database management, etc.)
It is permissively licensed so that anybody can use and adapt it. For example, it allows the reuse of the full-stack Elm system in a commercial hosting service.
I don’t know what ‘cloud functions’ mean in this context, but it sounds like you are more interested in the core Elm runtime?
Currently, Elm-Time still uses a JavaScript engine to run Elm functions. That means it inherits all the limitations of JavaScript engines regarding efficiency and response times. The new compiler will free us from JavaScript and its limitations, but it is not ready for production yet.
: github.com/Airsequel/Examples