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.
Do the math. The only cloud mining sites that have ever been profitable are those that let you resell your contracts to other people that don't know what they're doing so you can take advantage of them and suck them in as well. No other contract has ever been profitable. Math guarantees this, and math doesn't lie.