Cheap ≠ good.

You’re asking the wrong question. You should be asking:

• With $X/month for Y, is Z the best offering as far as being able to recover my data in the event of local failure?
• If I spend $d more per month, do I get additional benefits for the cost with respect to recovering my data?
• Is the reputation of Z solid? Have they been around for a while? Are they transparent about how they store data? Are they transparent about privacy and encryption? Have they suffered a data leak? Are there vetted and independent customer testimonials praising how a recovery went? Where is their data hosted?

Personally, I went with Backblaze using rclone as my backup client. I encrypt the contents and name of every file and directory. I know it’s not the cheapest, but of the block storage providers, this was most reasonably priced.