A few years ago, dedicated Raspberry Pi hosting was a bit of a thing for a bit.
I looked a bit, a few months ago, but I didn't turn up what appeared to be a clear winner of a choice.
Perhaps there is still a market for the security concious or workloads sensitive to noisy neighbours.
Somewhat of a tangent - although not small scale, I have found the packet.net 96 core ARM offering to be good value.
It might not be enough to offset the other costs, but it could be enough to offer a less costly service. At the end of the day though, half of what you get with AWS is a ton of library support in many languages for using AWS services.
This seems like a myth repeated without any proof to back it up.
Performance and power are a complicated topic and Thunder-X2 might produce better numbers. 64-bit ARM for servers must be competitive with Xeons and POWER and can't compromise performance for power either.
Thank you for the packet.net mention. It is interesting, even if it is not quite what I am looking in this context.