Back when I started doing it in 1973 ammo was available as cheap (adjusted) as it is now, and it was a huge cost savings. So now I have the equipment and am in the habit. And there is still a cost savings, as long as you can save your brass. If the only facilities that were available to me were public indoor ranges where there is no practical way to retain your brass it would be hard to save.
I have been experimenting with some 75g match bullets that are sorta SMK knockoffs and I am pretty sure I can load those for less than you could buy bulk 55g FMJ.
ETA: I am also starting to experiment with 147g 9mm, that would take the savings back up there.
I agree, I have never saved any money, but the more I shoot the more I save!!!
I have been using some of the equipment I have since 1973, and the stuff I have upgraded I will continue to use the rest of my life. And you sure can buy 9mm cheap when you can, but it is still significantly more.