You need to be very careful with this.
By "cloud" provider I'm going to assume that your calls are running over the Internet, rather than inside a VPN or something else.
Personally, I would only consider providers that use SIP over TLS for their signalling protocol. It is the most bulletproof. The second option would be SIP over TCP. I would avoid any provider that uses SIP over UDP. This is because SIP over TLS and SIP over TCP using connection tracking (thanks to TCP) - so it's possible for the endpoints to detect a failure on their own and rebuild their connection. UDP is meant to be able to handle this - but often does not work well.
Back to your question. The simplest case is if you have a single WAN link (and no failover option). You have both MX attached to the same circuit in a warm spare configuration. When failover happens in progress calls are likely to drop. However, within 30s (depending on the failure case, it can be much quicker), the phones will be able to re-register and start accepting calls again. SIP over UDP works fine in this case. SIP over TLS and SIP over TCP will perform as well - but probably better.
A more complex example. Leys say you have dual WAN links (for failover, perhaps even using a 4G router or something else) with dual MX. Failing over between the WAN circuits could potentially take 5 minutes. It could also be much quicker. It depends on the type of failure.
However SIP over UDP often does not handle redundant WAN circuits, and although your backup circuit will be online the phones won't be able to make or receive calls for ages. Often reboots are required. SIP over TLS and SIP over TCP will usually self recover.
Some systems, like Microsoft Teams, do active circuit monitoring and handle either MX or WAN circuit failover beautifully. You get a period when comms stop, and then they resume. The call remains up the whole time. It recovers beautifully. Most (90% IMHO) of cloud-based phone systems aren't as good in this area.