Cannot connect remotely to postgresql database hosted on amazon ec2 instance

I have a postgresql database hosted on my ec2 instance. I am trying to connect to it using Python from my local computer.

import psycopg2

try:
 connection = psycopg2.connect(user="postgres",
                               password="<password>",
                               host="ec2-***-***-***-***.***-***-1.compute.amazonaws.com",
                               port="5432",
                               database="<db_name>")

 cursor = connection.cursor()

 cursor.execute(f"SELECT * FROM <tablename>;")
 record = cursor.fetchall()
 print(record, "\n")

except (Exception, psycopg2.Error) as error:
 print("Error while connecting to PostgreSQL", error)
finally:
 try:
     if connection:
         cursor.close()
         connection.close()
         print("PostgreSQL connection is closed")
 except:
     print("no work")

But I get

Error while connecting to PostgreSQL could not connect to server: Connection timed out (0x0000274C/10060)
    Is the server running on host "ec2-***-***-***-***.***-***-1.compute.amazonaws.com" (**.**.**.***) and accepting
    TCP/IP connections on port 5432?

no work

My pg_hba.conf file looks like this

# TYPE  DATABASE        USER            ADDRESS                 METHOD

# "local" is for Unix domain socket connections only
local   all             all                                     trust
# IPv4 local connections:
host    all             all             127.0.0.1/32            md5
host    all             all             0.0.0.0/0               md5
# IPv6 local connections:
host    all             all             ::1/128                 trust
# Allow replication connections from localhost, by a user with the
# replication privilege.
#local   replication     postgres                                peer
#host    replication     postgres        127.0.0.1/32            ident
#host    replication     postgres        ::1/128                 ident

and my postgresql.conf file looks like

#------------------------------------------------------------------------------
# CONNECTIONS AND AUTHENTICATION
#------------------------------------------------------------------------------

# - Connection Settings -

listen_addresses = '*'          # what IP address(es) to listen on;
                                        # comma-separated list of addresses;
                                        # defaults to 'localhost'; use '*' for all
                                        # (change requires restart)
port = 5432                             # (change requires restart)

I have an ec2 Security Group: What am I doing wrong? I am a complete newbie, any help appreciated!

Connection timeout usually indicates that you cannot reach the host or are being blocked by a firewall.

First try to ping the host from your machine. If it pings all right, then there is probably a firewall between you and your EC2 instance. Your EC2 security screenshot looks right to me.

Are you behind a firewall that might be blocking outbound sessions from your local computer to the Internet?

After some troubleshooting over chat, we found that the AWS Security Group allowing TCP/5432 inbound was not assigned to the EC2 instance.