It would still likely be much cheaper to do everything in house, but you would be assuming a lot of risks and locking yourself in losing flexibility.
There is a reason people go with AWS over many competing cheaper cloud providers.
Opportunity cost.
The evolutionary fitness landscape hasn't yet provided an escape hatch for paying this premium, but in time it will.
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It would still likely be much cheaper to do everything in house, but you would be assuming a lot of risks and locking yourself in losing flexibility.
There is a reason people go with AWS over many competing cheaper cloud providers.