This comes up from time to time. It’s a fair question.
Generically, I’ve always viewed it this way: If handloading is something you do not actually enjoy doing, then you have to count your time as an expense – time is money. If it is something you do enjoy doing, then you do not have to count your time as an expense. If you value your time, and you don’t enjoy doing it, then handloading is prohibitively expensive. There are a lot of garage corners stuffed with handloading equipment collecting dust because someone started loading their own for the sole purpose of saving money.
As ligonierbill stated, some of the more popular types of ammo can be purchased bulk fairly cheap. For some, that is and attractive way to acquire ammo. Others prefer to craft their own, regardless of cost. And then there's those in between - purchase some, handload some. It's in individual thing.
In the case of 9mm, it is rather close to a break-even situation for me. I don't shoot 9mm recreationally. I carry a compact 9mm and also have a full-size 92fs safe queen. So I put maybe 100 9mm rounds on average downrange per year. I have small nimble hands and find 9mm to be a touch on the difficult side at the reloading bench (can't imagine loading 380 or 25ACP). Not to mention, I have a lot of factory ammo I bought over a decade ago - because it was a good buy.