I have done so on the smallest cheapest gcloud instance and it worked alright. Under a cent an hour for privacy seems worth it.
Don't forget to include bandwidth costs, which turn out to be much higher than you'd expect. 1.5 hours of with 6 participants using simulcast corresponds to about 20GB of outbound (inbound is free on AWS). Which corresponds to a little under $2 (at $0.09 per GB).
I thought jitsi sent video from user to user, not via server? Or is that a configuration matter?
It only does p2p if there's exactly two participants, otherwise it goes through the server.