No, it doesn't work like this. I have several bare-metal (with Heztner, I use OVH for DNS), it's been over 10 years already. I know that if I only rent one machine in one location, I'm asking for trouble. Based on my experience, I would say that every 2-6 years something dies in a server. A disk, a controller, a fan, you name it. It's rare to have servers running for longer than 7 years without any issues, and they're outdated by that time anyway so they need to be migrated to a new machine.
So, as a bare minimum, you rent at least two different machines at two different locations for each project and make offsite backups. It's still way less expensive than AWS.
If I don't need a powerful server and just need to spin some instances for testing or small projects, I use Hetzner Cloud, it's ridiculously cheap.
