Yep, this is what I use as well. Works well! (In my case, I have it just running as a CDN in front of Wasabi, which actually stores the images - likely even cheaper if most of the images aren't viewed)

You can also just pay to use their image optimization service with another store (like R2). We do this for millions of images, it's much cheaper than CF's image service.

Does bunny offer a similar service to Cloudflare proxy yet?

Seconding Bunny, I have several TB of video with them for a client and they do exactly as promised.

No scummy salesy tactics like I experienced from Cloudflare, and very quick and helpful support.

Not saying it's been completely bugless, but nothing worth complaining about.