Yes and no: yes you can get a Quad-Core 64GB RAM + SSD server for $55/month (source: https://www.hetzner.de/de/hosting/produkte_rootserver/ex51ss...).
But there's one more spec that matters: networking. It takes completely different amount of effort to provide 1Gbps connectivity versus 40Gbps per server.
Most of the providers like Hetzner/OVH provide former, while GCE provides the latter. I'm not saying it's bad, in fact for most of the people 1Gbps would be more than enough. But it's not something that is fair to omit.
Disclaimer: I don't work for Google, just from my experience.
I am sure Hetzner would be able to offer the same as an add-on if you contacted them directly.
That being said, you would continue to pay orders of magnitude less for your bandwidth then you would at Google or AWS. There's a bubble in cloud bandwidth pricing, and I don't think it's value-related.
If you are interested in what 1/100th of AWS price looks, have a look at Online's server order page for example [1].
[1] https://console.online.net/en/order/server