At my current company we use GCP Logging - it's cheap, but ad-hoc log analysis is very awkward. i.e. you can filter to logs easily, but doing "group by/count" type things is painful, not something you can easily do ad-hoc. You basically have to export the logs to BigQuery, or create metrics from the logs (which helps going-forwards, but isn't good for analyzing past logs where you lack existing metrics). Overall, doesn't really fit our needs for flexible, ad-hoc log analysis.
At my past company, we used Sumo Logic. It was amazing - they have their own query language that's similar to SQL, with incredible text processing capabilities, so good at ad-hoc log analysis. However ... it's VERY expensive. My current company is a smaller startup, with a lot of logs, and it's simply not in our price range.
Would love to find something similar to Sumo Logic, but much cheaper.
The self hosted industry standard is ELK stack