If you have quite low usage yes, and if you have quite high usage you probably won't be running a CDN on DigitalOcean anyway, but there's an in-between point where CloudFront is pretty expensive (by about 10x over the roll-your-own solution, depending on some assumptions about traffic).
If you build a smallish network of, say, 10 of the $10/mo, 2-TB-traffic DO servers, and can manage to spread the load such that you use an average of half of the free allocation, you pay $100/mo for 10 TB. Cloudfront would charge you $1200/mo for that data transfer. Obviously it's not the same level of reliability or ease of scaling, but it's cheaper enough to be vaguely intriguing—$1200/yr versus $14k/yr is non-peanuts!
If you build a smallish network of, say, 10 of the $10/mo, 2-TB-traffic DO servers, and can manage to spread the load such that you use an average of half of the free allocation, you pay $100/mo for 10 TB. Cloudfront would charge you $1200/mo for that data transfer. Obviously it's not the same level of reliability or ease of scaling, but it's cheaper enough to be vaguely intriguing—$1200/yr versus $14k/yr is non-peanuts!