Cloudflare, like Akamai and others, provides a number of services that include proxying, CDN, web security (WAF), bot detection & protection, image optimization, and more.
Cloud providers like AWS, Google, and MS provide similar services as well, but typically to a lesser extent. I’ve worked with Akamai, Cloudflare, and AWS, and find Akamai’s to be the most powerful/flexible/customizable.