And I think this point is heavily under-appreciated in the cloud Vs. on prem debate.

The cost for 1 hour of cloud CPU time is the same (barring discounts), no matter who you are. THe cost for 1 hour of engineer time varies wildly. If you're a non-profit or a solo dev, you may even consider that cost to be "free."

If your engineer costs are far lower than what AWS assumes they are, going with AWS is a stupid decision, you're far better off using VPSes / dedicated servers and self-hosting all the services you need to run on top.