I am studying software management and aspire to take a pivot in my career from software engineer to product manager. There is a course on cloud computing and I am skeptical to enroll it or not.
Yes - it's important.
Cloud Computing is everywhere; if your projects aren't using it then they will, or at the very least the question will (or should) arise: Should we do this on the cloud?
As a general rule, a Project Manager does a better job when they are well versed in the subject related to the projects that they are managing.
In a nutshell, if you aren't up to speed about cloud computing then you will have trouble understanding conversations relating to cloud computing.
You will have trouble gauging schedules and progress - and in the worst-case scenario, you won't be able to tell if your team is bluffing you. (Worst case, because such teams should be fired, actually.)
You also won't be able to ask the right questions to decide if cloud computing is the correct option, or in an emergency or crisis arises.
To conclude: You don't need to be an expert in Cloud Computing, but you do need to get a feel for it.
E.g.: Spinning up a medium-sized server-farm: will that take a day, a week or a month? How many people will it take? How safe is it?
E.g.: How difficult is it to set up SMS and email alerts to different people for different (emergency) events? can multiple people get the same alert? Can alerts be time-based? (Different people getting them at different times of the day.)