These same people don't usually consider the cost of their time while shooting, watching TV, fishing, hunting or pursuing other leisure activities. People that look at reloading as a chore or work, will be better off not reloading. Those that see reloading as a hobby in its own right will be better off doing it regardless of the monetary benefit because the activity has value beyond the money saved or the ammo produced.
I see reloading as part of shooting just like I see wrenching on my motorcycles as part of the past-time of riding them. It's a two part hobby to me. I have a lot of hobbies like that actually. One part that really requires someone else, a particular venue or relatively good weather and the other part that I can do indoors, at home, regardless of weather and by myself. I think that golf is the only hobby I have that isn't like that, in fact, and this is a guy accused by his wife of having a principal hobby of collecting hobbies.
ETA: And I do reload 9mm. Considering that it keeps me in 9mm ammo and that I can load premium bullets for a fraction of what factory loads with the same bullets cost, it is worth spending some of my reloading time churning out 9mm instead of rifle cartridges or .45Colt (both of which are a HUGE $$ savings over factory fodder). 9mm is so quick and easy to load that it doesn't cost me much in terms of other loads (the only opportunity cost I consider when reloading) to crank out 500-1k 9mm practice loads or a couple hundred "social" loads as needed/desired. I don't buy ammo anymore unless I find it REALLY on sale or I need some oddball brass (.308 Marlin Express being the prime example).