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The 12 hours here is the duration that you have an EBS volume (with provisioned IOPS) available to you; meaning from the time you create the volume up to the time you delete/release the volume. It doesn't have to do with EC2 instance power state.
The point here is that:
... Provisioned storage and provisioned IOPS for io2 volumes will be billed in per-second increments.
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