Does it allow me to run a script against an EC2 instance, say, and it spins it up and take care of everything? Something like packer would but without creating an AMI
You can specify your config in user-data when launching pretty generic AMIs. https://cloudinit.readthedocs.io/en/latest/index.html
For this type of use case AWS has managed services like Batch, ECS, or even auto scaling groups that can make this easier depending on what you're trying to achieve.
ECS with Fargate executors is fairly easy to run arbitrary things inside a VPC