Is cloud hosting a good solution to speed up site load time?

I have a new Wordpress Blue Host site that I launched Saturday, which has no traffic yet. The page load time is very slow. I've run many page speed tests. It's now down to 2 to 4 seconds, which isn't bad but isn't great. If I were to switch from shared hosting to cloud hosting, would this help the speed? Any pros and cons I should know about?