The whole point of S3 is that it is inexpensive. You don't want to pay premium money for terabytes of data that are usually invalidated everyone someone makes a significant change.
Our blobs end up quite a bit smaller than that, and I can see using S3 for many build cache problems. In our case in-memory worked better with overflow to disk for large or infrequently used objects.
R2 is S3 to me, btw, or at least it’s the same API. Object storage as a model is really what I’m asking about. I’m genuinely glad to hear S3 was enough to be impactful.