Yes, and it doesn't even come close. Llama2-70b can run inference at 300+tokens/s on a single V100 instance at ~$0.50/hr. Anyone who can should be switching away from OpenAI right now.
That's an exercise left to the reader for now, and is where your value/moat lies.
Hopefully more on-demand services enter the space. Currently where I am we don't have the resources for any type of self orchestration and our use case is so low/sporadic that we can't simply have a dedicated instance.
Last I saw the current services were rather expensive but I should recheck.