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I remember that the Atlassian team presented this topic during the Atlassian Summit last year (2019). My understanding from the presentation is that Atlassian was launching a new feature of functionality for roadmapping and that this was replacing Portfolio on JIRA Cloud.
If you read this article there is a number of questions asking about Portfolio3.0 for the Cloud version:
a,nd people from the Atlassian Team indicated that Portfolio 3.0 is not available for Cloud, but that Portfolio for Cloud is "not dead".
There is an interesting comment from Jake Brereton, Head of Marketing for Jira Software Cloud, that seems to indicate that the efforts for Cloud are put on the new roadmapping functionality rather than Portfolio, available in Jira software premium:
More specifically (I quote from the post referred above) : "Regarding the Portfolio for Jira Cloud roadmap, in complete transparency I can share that in the coming months we will be focusing the majority of our time and energies on the advanced roadmapping functionality in Jira Software Premium instead of new features in Portfolio for Jira Cloud"
This was pointed out by Josh Berman in this other post: https://community.atlassian.com/t5/Portfolio-for-Jira-articles/Portfolio-for-Jira-3-0-is-here/ba-p/1043376
Hope if helps,