You can use reduced versions of language models with extremely good results.
I was involved in training the first-ever GPT2 for Bengali language, but with 117 million parameters.
It took a month's effort (training + writing code + setup) and about $6k in TPU cost, but Google Cloud covered it.
Anyway, it is surprisingly good. We fine-tuned the model for several downstream tasks and we were shocked when we saw the quality of generated text.
I fine-tuned this model to write Bengali poems with a dataset of just about 2k poems and ran the training for 20 minutes in GPU instance of Colab Pro.
I was really blown away by the quality.
The main training was done in JAX, and it is much faster and seamless than PyTorch XLA, much better than TensorFlow in every way.
So, my point is, although everyone is talking hundreds of billions of parameters and millions in training cost, you can still derive practical value from language models, and that too, at a low cost.