Short answer: No.
Long Answer: If you want to render a game at 60fps, that means your console/computer needs to calculate and render the entire scene every 16 milliseconds. Given that just the pings to a cloud server would be longer than that, let alone also uploading instructions to the server, waiting for the server to calculate those instructions, and then package and return the results, then have the console unpack those results and plug it into the game... It's just not possible with today's technology.
The only thing "the cloud" can help with right now is things that aren't directly interactable by the player, such as lighting or large-scale physics. One good example is Portal 2, which uses a lot of "pre-rendered" physics.
The opening sequence to Portal 2 actually took over 90 days to calculate all the damage that occurs. Obviously, we don't want 90-day loading times. So all the physics were calculated beforehand, and the results of those calculations are put into the game's code. So your game machine isn't actually calculating the damage physics in real-time, it's just "playing back" what was already calculated.
Something kind of like that is the best we can expect out of "cloud power" right now. However, not quite on the same scale as the example above. Also, remember that the destruction is not interactable once it starts playing out.
"Never argue with stupid people. They will drag you down to their level and then beat you with experience."
-Samuel Clemens
