Naive question: what’s the difference between this and ec2? (I am already running my personal mail and website on an ec2 instance; is there any good reason to switch?)
AWS has a bigger ecosystem of services, and due to AWS's traffic cost you can't cheaply mix-and-match things inside and outside their ecosystem. That's probably the biggest reason to go with EC2.
The main shortcoming of the US deployment so far is no HDD storage available. I hope they can offer that soon, even if no dedicated servers. Their biggest StorageBox plan (basically scp/rsync storage though sshfs works) is 40€/month for 10TB or so. The cloud servers have SSD block storage available but it is .04€/m for 1GB i.e. 10x more expensive (though a lot more flexible) than StorageBox.
Spot pricing really closes that gap. A m6g.2xlarge is ~220/month on-demand, $140/month with a yearly RI, and $60/month as a spot instance.
Hetzner is still cheaper for sure if you have a stateful, 24/7 workload. But if I use auto scaling on spot instances (where a good chunk of compute is only running for a part of the day) then the math starts getting much much closer.
If you're stuff is low bandwidth there is probably little reason to move. You might compare the cost tiers of the size of system you use. Might also be reasonable to run personal stuff on spot pricing on AWS for cost savings.