I would qualify the statement above with an “always” between isn’t and all.
My preparation for a Cape Buffalo hunt would have cost about $7,000 more with factory ammo than it did with my hand loads.
Your "qualifier" above is completely fair. The more expensive the factory ammo, the more money reloading could save you. Excluding labor and initial set-up costs of course.
$7,000? You must be shooting something pretty special - something bigger than 45 cal from a double I'd guess. And a lot of it! Regardless, something in that category clearly would fail my three rules for factory ammo. Guessing you couldn't get the ammo with the components you wanted for anything approaching reasonable cost.
Another one for comparison - 375 H&H ammo can be had online today for $3.50 to $5 each (MidwayUSA, also assuming you get free shipping). I always shoot the cheaper stuff (Hornady) for practice and then hone in on a hunting load (A-Frame) for the last 50 rounds or so. Even using the more expensive factory stuff, you are saving about $3.50 each. If you shoot 500 rounds of the more expensive 375H&H for practice, you could "save" $1,750 by reloading. But my current reloading set up for a single caliber is about $1,500. Granted, a lot of that is due to my RCBS Chargemaster Combo ($350). And additional calibers are pretty reasonable - just cost of dies, maybe a pilot/etc.