This. I switched to Hetzner Cloud and reduced costs from ~$200/month on GCP to about ~20€/month. For comparison: 1cpu 2gb ram cost about $15 on GCP and 2,50€ on Hetzner, 1gb outgoing traffic ~0,12€ -> 20TB per machine included on Hetzner and 1€ per additional TB.

I'm still using S3 and GCS to store files because it's convenient and relatively cheap.