Thanks for using Bitnami. The Bitnami stack included in the cloud image contains all the elements needed for the software to run, including the database. Of course you can set up the database in an external service such as RDS. To do that you would have to:
- Set up the RDS instance.
- Migrate the database from the one in the EC2 instance to the RDS one.
- Change the configuration of the software in the EC2 instance to use the RDS database instead of the local one.
- Stop the database service in the local instance.
Benefits? Well, basically that given that you are not running the database in the EC2 instance you have more resources for the other payers of the system and that you have all the management features of RDS to take care of the database.
Regarding data, the lifecycle of the data in RDS would be completely independent of the EC2 instance, and you should take care of backup and recovery using the RDS management features.