Yes, we are very much of the opinion that we are a cloud provider. While historically we have been known for our dedicated servers, our Cloud continues to steadily grow in terms of feature set, users, infrastructure, and much more. We even updated our cloud offer today. --Katie, Hetzner
They have load balancers, and while they don't have an auto scale feature they do have APIs for starting instances and configuring the load balancer. So it's not that difficult to build your own auto scaling
As compared to a "traditional" offering where there's only a manual order form and getting a new server might take hours, making auto-scaling unfeasible
Whether it has enough features to satisfy your needs is another question, but it is more than just bare metal or vps