This is a bit of a generalisation. I’m currently staying somewhere with awful Internet (6mpbs upstream) and I’ve still been able to host dedicated servers for Valheim, Conan, Minecraft and even Astroneer, which is pretty basic in server options. Now these aren’t huge player counts - maybe 6 or less, but that’s probably pretty typical for a small gaming group.
Of course more bandwidth is great, and no doubt some games are much more bandwidth intensive on the server side, but I wouldn’t discount the option to self host just because you’re not rocking a lot of bandwidth.
I will add that I have configured my network to aggressively manage buffer bloat, so latency is very good - that no doubt helps a lot, but is of course something that a lot of people can do, depending on the features in their router.
1Password (I actually get to via work), nextdns and Home Assistant.