Agreed. If you’ve got the YML file(s) with the S3 configuration and backups on S3, then all you need to restore the forum on a new server is the YML file(s). This has the added benefit of not filling your disk with backups.
CAVEAT: You have to remember to pay the bill for the S3 bucket as well as the VM. I think maybe cloudflare’s is the cheapest?
I have had someone somehow lose control of their AWS account and lost all of their images. So just remembering to pay the bill is a cost not to be underestimated.