First of all, the most important difference for me is the ease of use, and ease of creating dashboards and metrics. The cloud monitor allowed us to migrate from our in-house system to a cloud-based system. It is not cheap, but compared to alternatives it is not that expensive.
From my experience, production availability support is the best scenario. My SREs are working very closely with our NOC team, which is monitoring dashboards and using them to find issues and resolve them very quickly. We also can alert based on the metrics which is very useful to be aware of the issues in real-time.
First of all, the most important difference for me is the ease of use, and ease of creating dashboards and metrics. The cloud monitor allowed us to migrate from our in-house system to a cloud-based system. It is not cheap, but compared to alternatives it is not that expensive.