I can find lead cast bullets or plated bullets for about 1/2 of what your calculations show for jacketed bullets. The bullet cost is the most significant component of the total reloading expense.
If your stuck on reloading jacketed bullets for pistol rounds, you will probably not save much money, however. If you use cast or platted bullets, however, the savings are real.
The cost savings for rifle reloading is generally, significant - even using premium bullets.
I don't reload only to save money..... I love to experiment and it is an interesting hobby where I can learn a lot.
I'm a CPA in public practice for 32 years so I do cost calculations for reloads often and I shop for BARGINS in reloading components. ...that is part of the fun.