I think that's pretty much what he's saying.
I reload 9mm... Partly because I like 147gr bullets, and 147gr ball ammo is a bit more expensive than 115gr fodder, and partly because I have a decent stash of components from years of buying when I found cheap deals ( like $10/k primers). A while ago, I loaded 2500 rounds of 147gr Hornady jacketed bullets up with WSF powder, for less than the cost of a single case (1000) of AE9FP at the time (~$190).
I can't beat wolf/tula steel case for $129/k, and I probably can't beat $170/k for brass cased ammo... but I can come really close, while shooting my preferred bullets. I'm also not panicked about finding 9mm ammo right now. But I do know some folks are going to have a hard time finding 9mm ball for the time being. If you can afford to stack it deep while it's cheap, there is nothing wrong with doing so. But you are at the mercy of the current market, if you need ammo NOW. I'm really not saving anything by loading 9mm, but it's tailored to my desires, and I have some control over the production in times like these (panic shortages).
.38 and .357 are calibers I can save a ton on reloading.
I do my loading on an old Dillon 550. Sometimes I want to upgrade to a 650 (750 now?) and add a case feeder, a bullet feeder, and rifle brass processing equipment....and down the ever increasing equipment costs rabbit hole we go.... but so far I have not.