The general consensus seems that accuracy, pride in your work, and versatility are all equal, if not greater, factors to cost for reloading.
I used to fixate on cost, but that was never enough of a driver to start reloading. Obscure calibers and accuracy issues with factory ammo on certain guns really pushed me into the hobby.
Reloading stuff makes good trading fodder too, even if you don't reload. A few stories to demonstrate what I mean.
1. I picked up a gorgeous used rack find Swedish Mauser. It had been tastefully sporterized. It didn't like any factory ammo I gave it. Like 3" groups at 50 yards bad. So I started reloading for it. 160 grain Hornady Interlocks and 4895 yielded 2" groups with iron sights at 100 yards. Yay for reloading there.
2. .32-20, .35 Rem, and .32 Rem. are all impossible to find at the moment, but I have been able to source components for all three of these obscure cartridges relatively easily throughout the insanity of the last year and a half. Most notable was scoring some primed new manufacture Federal brass for the .35 Remington. Exciting stuff.
3. A couple years ago, I bought a two used but like new Dillon Square Deal b presses and a half dozen caliber conversion sets for them. The price wasn't the greatest, but it was on the decent deal spectrum. I had intended on setting them up, but never got around to it. When prices went crazy last year on reloading stuff, I was able to sell everything I bought at a slight profit. I was then able to roll the money over into a new Dillon 550 and a few other reloading bits. Plus one for trading fodder!
Shooting, reloading and even hunting for that matter will never let you break even.