I have not set up an AWS Lightsail 3CX Cloud Instance ....
But I assume that all fixed IP phones and the 3CX client (phone app and desktop app) will be used and then there will often be many connections....Which does not matter as they are free.
All connettons need bandwith and CPU.
In most schools that use 3CX, the most common traffic is between the local extensions.
What I want to say with that is that I think the best way to go is to sett up the 3CX on premise, so a lot of traffic avoids leaving school.
My own experience of AWS Lightsail is that you pretty soon end up on regular AWS as the performance is usually not enough, then it was not so cheap anymore ...
However, it is easy to test new things before the load comes ...
When it comes to IP telephony, you always want as little jumps and as low a delay as possible.
In a school environment, you often have an AP point, one or two switches and then a coreswitch and firewall ... before you are even out on the Internet.
If you have 3CX in the cloud, it sometimes gets better sound by connecting up via 4G, but then it can be expensive with data traffic.
Therefore, it is usually better to have your own 3CX server, just do not forget to take a backup and possibly go for the "ENTERPRISE" version which also includes the Inbuilt Failover and Standby License.
My advice to you is to primarily run on your own server (pc) and secondarily run on a local ISP (not so many jumps and delays) maybe your IP telephone company also has that service?
Otherwise, 3CX's own hosting works very well ...
There is usually never a problem with setting up the different options with Smoothwall ..However, we do not usually use the SIP proxy in Smoothwall, so I do not know how it works with 3CX.