A lakehouse on object storage looks cheap because storage is cheap. The bill is built from request count and managed-tier access fees, both of which scale with file count, not data volume. 5 GB stored as one million 5 MB files is a different invoice than 5 GB stored as ten 512 MB files.

A serverless warehouse that auto-provisions three nodes for a SELECT * spends most of the bill on the time you waited for it. A self-hosted ClickHouse on EC2 trades elasticity for sub-second latency and a fixed monthly line item — favourable any time queries are even mildly steady.