That’s what was said back in the day with A7, A8, A9 chips… but nowadays, especially since the implementation of the Extreme UV Lithography (N5P and onwards IIRC) on the A15 SoC and onwards, I’m sure the costs from TSMC have skyrocketed. I don’t have data to prove it, but it’s my guess, and thankfully here on the forum I can make wild guesses without being downvoted.
This increased costs situation apparently got even worse with the new (and exposure for Apple) N3B process node. So I’m pretty sure the new M3 family of chips is pretty, pretty expensive.
Still, Apple Silicon should be cheaper than Intel, just not as cheap as several years ago, when an iPhone chip could be just $20 (this is a random number, I don’t recall the exact cost of an A7 or an A10).
However, despite Apple Silicon being cheaper to source from TSMC, you have to take into account all the R&D that comes from Apple itself, and I’m sure it’s not marginal.