It really depends on the size, but I'd say people are partly right. For up to about 100-150 square meters you can do it with a hoe and a manual roller compactor, but if the terrain is really uneven, with deep ditches, a machine saves you all that backbreaking work. In Rio, a backhoe or grader runs around 150-300 reais an hour, depending on the company and whether it's half a day. I heard recently about people paying around 500-800 reais to level an average yard, but it varies a lot depending on who does it.
Now, what a lot of people forget is that after the machine passes, you still need to even it out manually with a hoe. It doesn't come out perfect the first time, especially near the edges and around obstacles. If the terrain has a lot of standing water or is really clay-heavy, let it dry a bit before working on it, otherwise it turns to mud and gets messier.
My tip is to start with the hoe even if the area is small to medium. You have better control over where you want to remove soil and where you want to level. If it gets too heavy in the middle of the work, then call the machine just to help out. And if you end up calling someone, get quotes from three places before - it varies like crazy depending on who has availability that month.