That is my goto setup for static or semi-static sites. In theory you could still see a runaway bill with CloudFront, although I haven't checked the numbers to actually see what magnitude of traffic would be needed for it to really hurt?
*edit* did a quick check, based on my definition of hurt about 1,000 request per second sustained for the month or > 12TB traffic would hurt. But then again, I'm sure there is some other weird edge case that AWS bills for that could incur more severe costs with less traffic. And that is what I take 0xFF0123 to imply