From what I've read on the main page plus some of the documentation pages is that it gives you
- preconfigured dev environment with some tools already installed (using asdf, which is easy to add more tools with)
- preconfigured firewall (which of course is easy to do yourself, but it's done already)
- instructions on how to do some of the ssh tunneling things necessary to connect your local apps/tools with the remote ones
- "managed" OS (kept updated for you)
- support, someone to ask for help if you're stuck trying to do something
None of these are particularly difficult to do on your own, but this just packages them all into a service.
If you roll your own with a VPS, then you do have some setup to do if you want to harden and configure it. Then you have to choose/use a tool to manage that configuration so you can spin up and blow away an instance on demand.
It may be some (a lot?) more expensive than a bare, plain VPS, but perhaps the it is worth 10-20$/mo for a dev who wants to travel light (cheap laptop/chromebook) and have one less thing to worry about.