It might be more expensive with this apples-to-apples comparison, but do you have any idea what the actual utilization of your linode server looks like? Unless that server is under heavy load most of the time, you would probably be much better off with a couple of smaller instances behind a load balancer. Add in auto-scaling to handle peak loads. This may still be more expensive, but now your website is much more reliable than running on a single server.

One other thing to consider: You can host static websites on S3.

I've considered a cluster of servers before, but the server is actually under heavy load most of the time. It's running a LEMP stack and the database is fairly big.

Because you can get hundreds of those quickly, and get rid of them a few hours later, and they are in the same network as all the other AWS services. If you just want a (few) server(s) consistently, you pay for things you don't use.

You can order and cancel Linode VMs equally fast.

a t2.Large instance is $76/per month. You can reduce that even further with reserved instance pricing. T2 is much more akin to what Linode offers.