Can someone clue me in on the benefit of Netlify over say, S3 bucket fronted by cloudfront? Seems like the cloudfront solution is much cheaper with not much more dev time investment
There isn't really an advantage. It is static page hosting. I remember the days when you would just FTP those sites onto a server, serve with Apache and call it a day, but I guess everything needs to be behind a CDN these days.
Netlify abstracts all these things for you, also it stores all the versions you have uploaded or built and gives a quick option to rollback to the specific version.
I'm kind of AWS power user and have no problem with with corresponding terraform templates for S3 hosting, but I prefer Netlify if possible.