I've had ~25-30 instances running for the past 3 years and only had 1 or 2 instances have hardware issues, never had issues with EBS. Running on us-west-2 but it seems like more issues happen in us-east-1.
Not that hard...
The answer is no. People do these calculations before moving stacks. The cloud is where VC money goes to pad Amazon's bottom line. AWS is insanely overpriced if you actually sit down and do the numbers. I'm our company's part time sysadmin on a bunch of bare metal servers, I spend maybe 1-2 hours total per month kicking things/filing hardware replacement tickets/etc.
I don't understand this mindset against learning the entire stack. You should understand hardware, network and OS. Maybe I'm too old.