one of my friends at work reloads, of course I shoot 357 and 38special and 9mm, he shoots 44 special, so he is already in a much more expensive class.
Still, I work an hourly job, and did a little bit of figuring, where sans setup cost, and assuming brass to last 10 reloads (no idea really) how much would it cost to create 50 handloads, which while much less than buying factory ammo, was indeed something (IIRC $5 something)
I determined that rather than take an hour at home reloading I could just spend an hour longer at work, and convert that amount of my paycheck to inexpensive target ammo. (and I don't get paid that much)
People's situations may vary. I also don't have a lot of room. Possibly if I was shooting more expensive calibers it would pay off more. Possibly if I had a salaried job rather than an hourly it would make sense.
Also realize that for some people, reloading is tinkering, and they enjoy tinkering, so they'd probably reload even if it was only saving them pennies per box rather than dollars, before even factoring in their time investment