IME, the vast majority of those horror stories end up being from people who stay in the "trial" tier and don't sign up for pay-as-you-go (one extra, easy step) and Oracle's ToS make it clear that trial accounts an resources can and do get terminated at any time. And at least some of those people admitted, with some prodding, that they were also trying to do torrents or VPNs to get around geographical restrictions.

But yes, you should always have good backups and a plan B with any hosting/cloud provider you choose.