... with one very big difference - you can only point borg at an SSH host. You can't point borg at S3 or B2 or Glacier, etc.
rsync.net supports both borg and restic, but even the heavily discounted plans[1] are much more expensive than "Cold Storage" or Glacier, because they are live, random access UNIX filesystems ...
Also worth pointing out that my storage is calculated after compression and deduplication. So depending on the data a Borg backup can be much smaller than the actual data.
Restic seems more made from the ground up to utilize the existing power of a filesystem as a database, so it needs remote storage that offers quick interactivity (esp. checking existing files), i.e. it's impossible to use something like Glacier as a backend.
It's not a problem for me since I just backup to a local drive and (am planning to setup) synchronization to a remote dumb storage.
If you only backup from a single machine it has a local cache of already backed up data, this has the large advantage that it basically only needs to push the delta data to the remote, not do any kind of synchronization to check what is already there or not.
[1]: https://stickleback.dk/borg-or-restic/