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The recommended solution to save event logs from Azure virtual machines to an Azure Storage account while minimizing costs and complexity is indeed the Azure VM Diagnostics Extension. This extension is specifically designed to collect diagnostic data, including event logs, performance counters, and crash dumps from Azure virtual machines.

By using the Azure VM Diagnostics Extension, you can easily configure which logs to collect and where to store them. It allows you to automate the collection and storage of logs, seamlessly sending them to an Azure Storage account, which is a cost-effective solution since you only pay for the storage used. The extension simplifies the process by providing built-in capabilities, reducing the need for additional tools or configuration overhead, thereby minimizing complexity.

Other options may provide logging capabilities but do not directly address saving event logs to an Azure Storage account as efficiently or economically as the Azure VM Diagnostics Extension. For example, Azure Monitor Metrics focuses on collecting metrics rather than logs, while Event log subscriptions are more applicable for aggregating logs rather than storing them directly in a storage account. Azure Monitor Logs serves as a centralized logging solution, but it can incur additional costs and complexity compared to using the diagnostics extension for this specific task. Thus, the Azure VM Diagnostics Extension stands out as the most suitable option for this requirement.