The blog post doesn’t make it as direct, but one of their biggest costs was for networking between datacenters (Availability Zones in AWS). Most comparisons for “buy a rack at a colo” assume one colo, and a static fleet of hardware.
If you wanted to compare apples-to-apples, you’d need to have (at least) three nearby colos with enough capacity to handle one going down entirely at peak load (“N+1”). Leased lines in a metro area aren’t actually all that expensive, but like the compute, you also need to purchase that with failure in mind.
tl;dr: Maybe, but the analysis needs to assume the same(ish) reliability outcome. Otherwise, they could have avoided lots of cost by just running in a single Zone.