Assuming you allocate different resources for it. If you're using the same instance type for all your microservices, you aren't benefiting from this. In fact, you're paying for resources you aren't using.
You might even be paying more - allocating high memory instances to high memory services, and regular instances to low memory services that don't use that memory. You might be able to get by with only regular instances if you distributed your services in a monolithic fashion.
In my experience most small teams I've seen aren't that specific with their resources. Unless something is obviously super high memory, like a cache, they tend to just use default instances.
This was a pretty high volume API at Azure, and the savings after all was said and done was sadly only around 15K/mo, so it'll take a while to pay for itself. So, I'd say for the average website this should not even factor into consideration.
For example, let's say in an eCommerce application that the shipping calculator is getting hit a lot. You'd like to be able to scale this independently as a service, so you can handle all the requests without also having to replicate all of the other resources, such as the cart persistence, user sessions, etc. that are a lot more memory intensive.