Yes Hetzner is still vastly cheaper option but there are better options now compared to hetzner and the issue is the way that they handled the pricing.
Its just simply unsustainable and burns a lot of trust/good will if you increase your prices 3x in such a short period of time
Trust me when I say this but Hetzner really belonged in its category previously. I had scoured almost everything and nothing could provide the scale at price Hetzner did back then but now I would say that its simply not true anymore and that there might be better options out there for what its worth.
I am really sad for Hetzner as I really enjoyed them and always wanted to build on top of them but looks like all good things come to an end :-(
Hetzner can't magically buy cheap hardware and prices have multiplied the last year.
I'm a Hetzner customer and this year's price rises have been well communicated.
Everyone's prices have gone up and i checked if i could go elsewhere and they are still cheaper for their quality level. Deffo beat Digital Ocean and cloud overlords like AWS, GCP, Azure, etc for my needs.
I am particularly pleased they locked in my old hosting plan prices after the recent increase. Seems fair. New hardware has skyrocketed in cost so I don't see how you can avoid price increases.
Are you a Hetzner customer? I'm a Hetzner customer, and my prices did not increase by 3x (it was more like 1.25x) and the price increase was communicated months in advance and several times. I am running stuff on their older infra, so maybe they handled it differently? When hardwares price go up at least 4x for storage and ram, I don't see how you can avoid price increases and they are still one of the cheaper/cheapest options for what I need.