For us the costs on AWS were triple/quadruple at least, not counting the (huge) traffic factor. Their service is great and i don't want to speak badly or blame them, but I think their cost is quite high. If you need the best uptime or some particular services (AI/ML, serverless computing, elastic container, IoT, etc) than their services are great and justify the bill. Otherwise, if you don't have special needs, than a classic hosting provider (obviously there are better and worse) will give you a standard server (baremetal or VPS) for A LOT less, a lot. I don't think there is better or worse, I think every business must evaluate based on needs.
In concrete terms, among my VPSs spread across various providers, the Azure server costs on average three times more than the others and I don't know exactly how much I pay every month (because of traffic, CPU credits, etc).
That's my experience, hope it helps 🙂
