The price on a hosting invoice is almost never about the server. It is about what happens at three in the morning when something is wrong, and about how long the site takes to answer during the hour everyone is awake.
The parts worth paying for
Off-site backups that have been restored on request, not merely scheduled. A staging environment that is the same build as production. PHP versions you can choose instead of inherit. Log access without a support ticket. A person who can restart the thing at the other end of a phone.
The parts that are not
Unmetered anything, since the metered thing is always bandwidth somebody else pays for. A control panel with ninety icons. Free domains, which are a retention device and not a saving. Scaling that has never been tested with a real traffic spike.
The number that matters
Time to first byte on a cold cache, measured from the region your visitors are in. Two hundred milliseconds and two seconds are different products at the same price, and the difference shows up in search results before it shows up on the invoice.