From an internal dimension it is a holy cloud, since ultimately its whole purpose is to bring added light into holiness.
HEY וְּזֶׁהוּ This is the meaning of וַיָבֹא מֹשֶׁה בְּתוךְ הֶׁעָנָן “Moshe came within the cloud”, that Moshe Rabeinu and similarly, regarding the element of Moshe within the soul of every single Jew, received the Torah following the preface of וַיָבֹא מֹשֶׁה בְּתוךְ הֶׁעָנָן “Moshe came within the cloud” that the cloud is ‘Like smoke’ (and therefore needs a path into it).
In other words. First, we need to enter and pass through the cloud, and only then can we receive the Torah, for even if temporarily and externally there is concealment, nevertheless, through this we come to: וַיְּהִי מֹשֶׁה בָהָר אַרְּבָעִים יום וְּאַרְּבָעִים לָיְּלָה “And Moshe was upon the mountain forty days and forty nights” where the day represents the written Torah and where the nights refer to the Mishneh and the Braisa including an infinite amount of spiritual worlds [that represent] receiving the entirety of Torah.
Thereafter, everyone can draw it down into his body and into his part of the world, as the Possuk continuing on from our portion Parshas Mishpotim into Parshas Terumah states:
וְּעָשׂוּ לִי מִקְּדָש וְּשָכַנְּתִי בְּתוכָם “They shall make Me a sanctuary and I will dwell in them” which is the sanctuary of each and every Jew, as our sages have commented that the Possuk does not say “I will dwell in it” but it says “I will dwell in them” meaning inside each and every single one [of the B’nei Yisroel].
And also, in the literal sense of the word ‘Sanctuary’, that from physical materials; gold and silver and so on, a sanctuary is made for Hashem blessed be He, fulfilling the primordial intention: “Hakodosh Boruch Hu desired to have a dwelling abode within the lower realm”.