Earlier quoted context omitted.
A fair comparison would include the cost of the DBA who will be responsible for backups, updates, monitoring, security and access control. That’s what RDS is actually competing with.
As long as you also include the Cloud Certified DevOps Engineer™[0] to set up that RDS instance. [0] A normal sysadmin remains vaguely bemused at their job title and the way it changes every couple years.
Sometimes even the certified cloud engineers can't tell you why an RDS behaves the way it does, nor can they really fix it. Sometimes you really do need a DBA, but that applies equally to on-prem and cloud.
I'm a sysadmin, but have been labelled and sold as: Consultant (sounds expensive), DevOps engineer, Cloud Engineer, Operations Expert and right now a Site Reliability Engineer.... I'm a systems administrator.