Migrating to cloud monitoring of all our devices and moving away from using collector server

Yes, but it's not using one or the other, you would use both. The LMCloud-collector would provide AWS/Azure/GCP native monitoring and you would ALSO have a server collector to provide more specific monitoring, like OS, SQL, IIS, 3rd party, etc. More info at https://www.logicmonitor.com/support/lm-cloud/getting-started-lm-cloud/lm-cloud-monitoring-overview