cloud infrastructure: serverless versus managed services, when to pick which

Hey everyone, I've been wrestling with a common but tricky decision lately. When it comes to building cloud applications, should we lean more towards fully serverless architectures, like AWS Lambda and API Gateway, or opt for managed services that abstract away more infrastructure, like AWS Elastic Beanstalk or Google App Engine? Each has its pros and cons regarding cost, scaling, vendor lock-in, and operational overhead. What are your go-to criteria for making this trade-off? I'm curious to hear your experiences and preferred patterns!