Yes! Maybe not for you or me, but it’s definitely worth it to tons of organizations where everyone including engineering was beholden to old school IT departments that take months to spin up a VM after pages of bureaucratic back and forth. The cloud moves it from an IT issue to department budgeting.
The other advantage of cloud was moving capex to opex which the finance people liked because *hand wave* something about amortization. Those are the two reasons most established companies moved to the cloud. It had little to do with the actual cost but how it was spent and who was in charge of doing it.