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'cheap as chips' is correct and usable in written English.
It is an expression used to mean "very inexpensive". For example, you could say, "This dress is cheap as chips, so I'm sure I can afford it!".
Dictionary
cheap as chips
adjective
Very cheap, not costing much.
Exact(43)
It's as cheap as chips.
"It's cheap as chips," Espie says.
Cheap as chips to make, too.
And it's still cheap as chips.
And it's as cheap as chips.
In Spain poorer people did.In this section Cheap as chips?
Similar(17)
And the cheap-as-chips disposable option?
Polpo has a rustic, cheap-as-chips feel, with a black-and-white tiled floor and exposed brick walls.
Astroturf carpet in the garden-themed room I can handle; the cheap-as-chips decking I can't.
Perhaps it had something to do with the local brew, the cheap-as-chips – but far more potent – Tanduay Rhum.
Their appeal lies mainly in their zippy technology, fee-free business model, and cheap-as-chips currency exchange.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com