Agree on your post that the instance size depends on the kind of workload you are running. This applies especially when choosing instance families (t-family vs m-family, etc). But when choosing between t2 and t3, or m4 or m5, I think it's a matter of cost-effectiveness. If you choose m5, its list price is cheaper than m4, but the spot price might be cheaper for m4
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Agree on your post that the instance size depends on the kind of workload you are running. This applies especially when choosing instance families (t-family vs m-family, etc). But when choosing between t2 and t3, or m4 or m5, I think it's a matter of cost-effectiveness. If you choose m5, its list price is cheaper than m4, but the spot price might be cheaper for m4