Dedicated hosting is no longer a thing today. There are very little companies that offers that. Most of the serious businesses are hosted on Amazon AWS, Azure or Google Cloud because these services offers better reliability, scalability and tools for the job. Huge websites like Instagram, Reddit, Twitter are hosted within their infrastructure. If you are looking for a serious processing power these services are must have. Or even VPS providers such as Linode and Digital Ocean are great options if you are looking for flexibility.
In housing terms, VPS hosting is like renting your own apartment in a larger building. You're much more isolated than in the roommate situation mentioned above; it's still possible that a neighboring apartment could causes annoyance for you, but far less likely. In web hosting terms, Site A's traffic surge won't have nearly as much impact on Site B or Site C. As you'd expect, VPS hosting costs more than shared hosting. You'll pay roughly $20 to $60 per month.