What I have to say for AWS (which I use), the back up is why I use AWS. The ease of backing up, rolling back, and connecting additional services, and scaling make it killer.
That being said, I’ve seen around 5x - 10x speed improvement for the same exact cost utilizing bare metal servers. I’ve been using online.net/scaleway and similar services. However the real value save is limited as you need to do a lot more work and often pay more for backing up. Overall, real savings might be 50% cost reduction, with some additional risk. Need more space? Launch a new server, copy, check, switch over, pray. With AWS it’s one click
The real question is what do you want to manage the database or not and how much time you have.