I'll agree on most of this but I'd not say a 'good' alt, but a mediocre one perhaps. The big issue is most whom cannot afford a better t-stat cannot afford a better thermometer either, or a failsafe. By the time you have a failsafe and good thermometer you have tripled the price of the hydrofarm... 30$ for the unit + 30 for the failsafe and then 50-100 for thermometer and you have 110-160$ in a poor grade t-stat, a basic herpstat is 100$ the same price. There is no savings at all.
(your temps if you are using an accurite could be 85-99º there is a potential 4º error as they are rated at 2ºC+/- (new specs) This is why an good thermometer is needed having two thermometers (part of the function of all T-stats is a thermometer) both with a 4ºF error possibility off true the best you can manage is a guess in a 8ºF range and IMO 4º on top of the swing they have under ideal conditions is too much and in less than stellar you can double that.