Second reaction: Holy shit that's expensive [for what it does].
ParameterStore is free (minus the KMS component). The only value-add is secret rotation and that's not something that most of the time makes sense to use. [Edit: I'm not advocating for no rotation; see replies]
Edit: Had more time to think about it. Someone enlighten me: What's the difference between writing a rotation lambda for this new product, vs. writing a rotation lambda for ParameterStore that you then cron? The pricing really doesn't make sense.