Short answer, yes. Long answer, absolutely yes.
As a person that goes through upwards of 1000 rounds of .223/5.56 a month, that adds up to a HUGE cost for factory ammo, even when ammo was cheap. During 2017-2019, I was ordering Fiocchi primers by the case(12k primers) every other month. I was ordering surplus powder 32 pounds at a time every 3 or so months($350-400 for 32 pounds delivered). I was ordering Hornady 55gr fmj by the case of 6000 at a time. Over two years, I built a massive stockpile, and was able to get my reloading costs down to about 13 cents per round(not including brass, since I would just keep the brass from when friends and neighbors that didn't reload would shoot with me). Even at the low prices when ammo was 27 cents per round, I was saving a significant amount.
Fast forward to the current situation, and I still have no need to buy primers, powder, or bullets. I am still reloading based solely off of the components I have stockpiled, and it is still only running 13 cents a round. I haven't had to cut back on my hobby. I am sure some people will say I was being a hoarder for buying so much, but I was buying it when companies we're almost having to give it away to clear space on their shelves. If this panic keeps going on for another year, I will start cutting back.
Currently, good prices for 5.56 are upwards of 60 cents each, so I am saving about 50 cents every time I pull the trigger. Even after factoring in the cost of the mark 7 evo, I am still coming out ahead.
Also, when we factor in the coat of ammo to feed my desert eagle, I am miles ahead. I reload that for about 75 cents per round(45 cents per if I spread the cost of brass over 5 loads). When factory ammo costs $1.50 or more, I am saving a huge amount over factory, and that makes up for equipment costs in a hurry.
Lastly, I just enjoy reloading. I can tweak a load for any one of my rifles. I don't have to hope that the factory ammo works great.