Few benefits which is really important feature of cloud vps.
1. Expensive price.
2. You will think that you have a Cloud VPS and it should run fast but reality can be different.
3. Hourly billing.
4. Easy to terminate and recreate Cloud VPS but with VPS you can only reinstall OS and can't terminate VPS unless your provider do this for you or use some cloud related software which provide feel of cloud vps.