This. I wouldn't try to instantly failover to another service if AWS had a short outage, but I would plan to be able to recover from a permanent AWS outage by ensuring all your important data and knowledge is backed up off-AWS, preferably to your own physical hardware and having a vague plan of how to restore and bring things up again if you need to.
"Permanent AWS outage" includes someone pressing the wrong button in the AWS console and deleting something important or things like a hack or ransomware attack corrupting your data, as well as your account being banned or whatever. While it does include AWS itself going down in a big way, it's extremely unlikely that it won't come back, but if you cover other possibilities, that will probably be covered too.
"Permanent AWS outage" includes someone pressing the wrong button in the AWS console and deleting something important or things like a hack or ransomware attack corrupting your data, as well as your account being banned or whatever. While it does include AWS itself going down in a big way, it's extremely unlikely that it won't come back, but if you cover other possibilities, that will probably be covered too.