Will media convert provide way to create video thumbnails without having the video as an output in near future?

AWS Elemental MediaConvert charges per video output, frame rate per output time. It does not have a charge for thumbnail generation. thus the requirement for some video output. If thumbnails are the desired output, then you may want to created a small resolution video <= 30fps that falls into the Basic Tier for minimal cost. Please review the following links for Basic Tier encoding and pricing. https://aws.amazon.com/mediaconvert/pricing/ See halfway down the page for what defines a Basic Tier encoder.