Not quite - the outdated price issue certainly exists for standard AWS RIs, however if you purchase convertible RIs then price reductions are applied.

Also bear in mind that the savings you get from RIs will generally outweigh the reduction in price of the instance.

My experience hasn’t been so black and white. There is still a trade-off on giving up flexibility, which is one reason to move to the cloud. When I modeled it out (3 years ago for AWS, more recently for Microsoft) the one year commit struck the best balance between cost and flexibility.

There is one truism: cloud costs always seem to grow faster than revenue. :-)