Sure, but that’s why you front S3 with a CDN. Don’t serve images directly from S3, that’s going to be ridiculously expensive 
. You can front S3 with Cloudfront or even CloudFlare quite easily. The free tier of CloudFlare will achieve this.
And storing them locally is also pretty bad news, you’re going to need to scale up your VPS unnecessarily. Local SSD will be much costlier.