I have a backup process running on it, but back up disk space is a lot cheaper than live disk space attached to a VM, so it's a lot cheaper than the requisite VM disk space would be.
That said:
"and I think I know how to get that done without getting snagged by one of their runaway expense traps, but I'm not completely sure. I do not trust them not to find some way to slip a thousand dollar bill past me before I realize what their automated system is doing."
This is a per-service concern. EC2 may be old & busted & "just VMs, dude, get cloud native you early 2000s buffoon" & totally uncool... but also precisely because it is just a VM, it is also bounded. It won't blow up on you, because you can't just use 100 times the service you expected. Worst you can do is use the network like crazy, and for as expensive as bandwidth is at large scales, at this scale it's not going to break your bank unless you really screw up. I'm bounded by the fact my home network connection won't let me go too crazy anyhow. (Or on a small T3 instance you can turn on unlimited credits and then run those up, but there's a bound on how large that can be even if you're running 100% full time and it's not huge.)
Just some options. Mastadon is presumably more complicated to run on local resources, you'd still need something with a public IP that can be reached to work correctly.