I'd much rather just do it right though.

Direct attached storage (or whatever storage is fastest / lowest latency for the environment you have available).

Setup pgbackreset or barman, use WAL archiving and setup block incremental backups with a new full backup every so often.

Now you have point in time recovery with very low RPO/RTO, and your database infrastructure can be treated a bit more like cattle instead of a pet, as you should be testing restores often, and this will become part of your yearly major postgres upgrade strategy.

You also get the ability to have a replica for almost free, as replicas can be created from the backup repo very cheaply, and get caught up to the primary without requiring the primary keep around the WAL for a long time. It just pulls it from the repo until caught up.

Any case where you think EBS was the right choice is better handled by having one (or more) replicas and a failover strategy.

Just do the right thing from the start and you save a lot of headaches. People have run production systems already, and have hit the pain points. Why keep hitting the same ones?