Even if it's not, you won't make money. Cloud mining, by its nature, isn't profitable. Run it through a calculator for proof. If it were, they wouldn't be doing it -- it's literally like giving away free money, which would be the opposite of what any for-profit business is designed for.
If you mine the right contact you can make profit. Also it is like taking a loan. You use what the customer Gabe you to buy more hash power sharing the profits. I prefer to just rent hash power out and do it myself for a few hours. That's altcoins though.
Bitcoin I don't bother mining strait for the reasons you gave.