I'm new to AWS and just started learning it. Load Balancing is something that is common which we will use for load distribution when we have multiple servers.

Here, when I learnt about Route 53 in AWS, it sounds similar to load balancing. Although we can do more with Route53 (like A , CNAME , ALIAS etc.,). My doubt is, can we use weighted, latency or failover based routing policy instead of load balancer? Is it possible to reduce the cost incurred for ELB if we are using Route53? How effective will it be and what are the drawbacks?