It’s cheaper if you have a mate that is so far down the rabbit hole that they do it for you.
The best way to think of it is that it is the same as the question ‘is meat cheaper when you hunt it yourself’.
Yes (If you shoot numerous deer with a cheap .303 from the bush at the back of the neighbours farm.)
No (If you have to make multiple trips with upwards of $3k of hunting kit onto public land that takes 2 hrs to drive to and you maybe get a skinny yearling once or twice a year.
In either scenario you loathe buying from the supermarket.
Same with reloading.
You can be up and running with a Lee hammer kit for under $150 iirc, cheap reloads but limited options.
Or
>$1000 gets you properly into the process but you need to reload about 2000 rounds minimum to make your money back on the investment in gear.
In either scenario you loathe buying factory.
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