My monthly costs are minuscule with a reserved with a t4g instance, Lambda, S3 and Cloudfront as my primary usage.
Honestly, it beats out the “budget” VPS providers I was previously using, and is a heck of a lot more powerful/reliable.
I use very little bandwidth and processing with the vast majority of my projects. In the even that I do need heavy lifting for a couple hours, it still tends to be a pretty minimal cost.
Now for sustained heavy loads/bandwidth… I definitely would look elsewhere for hobby projects.
Edit: and I agree with your point about attacks. I have pretty aggressive monitoring set up around billing.
AWS has the easy to use Lightsail[1] VPS offer with cheapest product at $3.5/mo but they'll likely increase these prices as well, since there's an IPv4 address included.