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Yes it is possible to migrate from Cloud back to on-prem. There a few things to consider such as app, user management, and converting team-managed projects to company projects among other things as well.
Atlassian has a lot of documentation on this process.
You can review https://confluence.atlassian.com/adminjiraserver/migrating-from-jira-cloud-to-server-applications-938846963.html and https://confluence.atlassian.com/confeval/other-atlassian-evaluator-resources/migrating-from-cloud-to-data-center
Hope this helps!
What Cyril said.
To add to that, the Cloud migration tool that Atlassian provides helps you migrate TO Cloud, but there are different options to migrate Jira instances between the different types (Cloud, Data Center). It's not to be treated casually, of course.