This is totally correct, but I think it's also correct to say there is a huge vendor lock-in component to serverless. People make the claim that you can engineer your application to be vendor agnostic, but even if that's the case, you're still dumping a ton of time/money into AWS-specific tooling to get your application going, and almost none of that experience is transferable. Nothing from AWS API Gateway is applicable anywhere else, for example, and that's frankly one of the most awkward of all of the AWS services I've ever used (and so the costs are even higher than if it weren't). That's not to say that there won't be some form of serverless in the future that doesn't have this enormous vendor-specific lock-in cost. But that serverless is not here now.