S3 is one of the most expensive platforms out there, however. Look at backblaze B2 for an example of just HOW expensive S3 is.
When i moved from S3 to DO, my bill went from hundreds to $20/mo. The only thing that changed was the hosting provider.
Is it the cheapest possible storage in existence? No, if you take raw disks and put them in a rack, but I also feel it wouldn't be an entirely fair comparison.