Supposedly, and sometimes, but when it's not, it's really not. They can often manage to add so many possible billable things that it's hard to figure out what you will pay. Worse, it can be mind-numbing to attempt to compare different providers for their prices, as prices are never clearly displayed together and some providers (well, one in particular) go to extreme lengths to hide the price lists and suggest you use a calculator instead. For example, I recently attempted to compare prices for bandwidth egress from various clouds and various cloud CDN-type features as an exercise to see how much it would cost to use them to handle a spike in demand for static files. The results of my survey can best be summarized as follows: what on earth do cloud companies do to set their prices.
Dedicated VM's egress charges are usually easy to understand, but they vary quite a bit between providers because I don't know why. The big three are in the same range (approximately 20% difference between minimum and maximum) and each include the first 5 GB egress per month with the VM. Fine, they're relatively similar and could be compared. Then, I looked at Oracle cloud, which costs a tenth of what the others cost per gigabyte and provides two thousand times as much free bandwidth. I don't get it. Either Oracle has a much cheaper system, is much worse, or is very desperate to get new customers. Still, I'd have expected that Oracle wouldn't be eager to make bandwidth a loss leader, and that other providers would compete that price downwards. But then comes the CDN options. Every single one manages to bill for cache hits, cache misses, bandwidth (completely different prices than VMs), and reading from wherever the CDN fetches data. Some of them also charge different prices based on the CDN endpoint location to the extent that it would end up being cheaper to set up VMs on their service for some regions and use their CDN for other regions to minimize bandwidth costs for the same activity. Before you ask, they usually don't let you restrict which regions you use.
This complexity means that, although cloud can offer price benefits for specific tasks, it can only really do so if you've paid close attention to all the things that can get billed. As pointed out by this article, don't necessarily trust that the limiters on an account will necessarily work like you think they will. The answer you seek is in the documentation somewhere. It may take you days to find it, but it will end up being better for you to spend the time.