Earlier quoted context omitted.
I did. Clearing up. That said, it is a major expenditure when used as part of the automatic workflow. And parameter store has KMS encryption/decryption built-in. Alongside full IAM level isolation.
So, concretely: $0.40/secret/month (prorated if What are you doing with it that makes it a major expenditure? That seems like a drop in the bucket compared to anyone's compute. Are you dumping 500 secrets in it?
I still say - the only real value even when compared to other AWS services is the rotation, which currently only really works with DBs (and then only if your service connects to the Secrets Manager directly, with every DB open).