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I feel like those two things are joined at the hip but just doing a sanity check here.
I know I can write a custom Apex class that can be interacted with to describe schema and fetch records, but this is still done as part of "Salesforce Connect", yes? With the $4,000/mo pricetag?
Short answer is NO.
External objects feature is a part of Salesforce Connect.
Salesforcer Connect feature is available for free in Developer Edition and for extra cost in Enterprise, Performance, and Unlimited Editions. According to documentation
Salesforce Connect is available in: Developer Edition and for an extra cost in: Enterprise, Performance, and Unlimited Editions
As mentioned in comments this is a paid feature so you need to paid to SF. Yoiu can check with your sales admin they might able to provide exact amount.
