Not really new news.
I've been dealing with these cloud/virtualisation issues for some years now, along side those that you can get caught out with in development. That copy of EE on your laptop is still covered by the licence agreements. Also beware Oracle's Java, don't be surprised if you suddenly find yourself paying support licences because you haven't kept up with the version changes. It may be free, but it's still licenced and has T&Cs you might not like.
Oracle's position on cloud VM licences hasn't changed for at least 5 years while, unless you are using AWS or Azure, or Oracle's own cloud. But here's a few other gotcha's. If you migrate away from Oracle, you have to do it by your licence chunks, so if you have an overarching all in one agreement and try to reduce it, Oracle will recalculate at the undiscounted price, and you could land up paying more.
It is possible to move away from Oracle, the vast majority of Oracle installations I've been involved in do not use anything like all the features in EE let alone the options. You can quite safely consider Postgres and others as a replacement. As far as Weblogic goes JBOSS is a reasonable replacement. Pretty much all our new development is moving to a heterogeneous open source solution space. No one supplier is irreplaceable, or has a stranglehold on our designs.
I wouldn't go to Microsoft either, as where Oracle goes today they will go tomorrow. Oracle is technology in decline, even Microsoft isn't that innovative, and it can't belong before they go into licence gouging to maintain revenue and margin. Beware Azure and its exit fees for a start.