Betteridge’s Law tells us the answer is “no”.
I would think step one would be creating tools for local administrators to manage email, iCloud storage, non-Apple backups, security, etc.
I would love nothing more than for iWork to supplant Google office in my line of work.
I now have a second-favourite, narrowly behind Godwin’s law 
Makes no sense to me: what’s the target of this potential product? Companies that are “all in” in the Apple ecosystem? Too few and not big enough. Big corps? Microsoft is already there, and not even Google with their excellent mature offering is able to compete.
The only space I can see Apple making a dent is in startups where Google is the winner. But Google wins here only because it has zero barrier of entry: it has a specially strong web capability which doesn’t tie you to any particular hardware --which, admittedly, does not seem to be Apple’s strategy.
Anything in this space that’s not cross platform is dead in the water, and Apple’s record on cross platform software/services is spotty at best.
Apple tends to do its best when it enters an already established market with something that is substantially better than what’s currently being offered. I don’t see how they would have an opportunity to do that in this case, but I’m also not in charge of new product development at Apple either 
MS is definitely the 800 lb gorilla in paid business services, but Google has more active users, when you count those that use the free, educational, and paid versions. And that is allowing them to slowly gaining business users.
They are currently compliant with hundreds of governments, businesses, and financial institutions, etc. Apple, AFAIK, has never pursued any of these agreements, and specifically forbids storing patient health information on iCloud. So that is another item they will need to attend to.
The thing about the MS hegemony in paid businesses is not about how good their product is (and it is good imho) but about their distribution channel: they have lived and breathed inside corps for several decades. From my anecdotal evidence, only one out of the dozens of corporate clients I’ve ever worked with (BBVA) had Google Workspace for their employees.