Yes, it's not apples to apples at all, but AWS runs about 5x the cost without considering bandwidth. If you use a lot of transfer, even between AZs (same price as between regions!), it will dwarf the hardware costs. Compare e.g. the Skylake EX51-SSD at $63 USD / month amortized for one year vs R3 High-Memory Double Extra Large at $300/month 1-year no-upfront. Both have 8 hyperthreads, AWS has ECC memory (good) and hypervisor overhead (bad), Hetzner has a newer processor and higher clock speeds.

Depending on your needs, dedicated hardware can run a lot cheaper. You can over-provision by 4x and you're still saving money. There are a lot of other benefits to AWS though, it's a huge ecosystem, and it's much more flexible.