It might be more expensive to get a GPU instance but at a guess I'd say it's more cost-effective considering that the CPU computation will be less efficient and take much longer. I bet someone's done this out with real numbers, I just haven't seen it.
This only matters if you're scaling to meet demand and demand is higher than your spare resources, which often isn't the case for hobby projects.
The 10€/mo VPS I've had for over 6 years now still has a few cores and GBs or RAM spare, so running a small model on the CPU for a personal project that only me and a few friends occasionally use wouldn't cost me a cent more.
