This strikes me as a rather specious argument, because while it may technically be true, I don't feel like it adds anything meaningful to the discussion. Of course every company is in it to make a profit. It still doesn't explain why Apple chooses to behave in the manner that it does, or why they prioritise certain design decisions over others.
For example, the choice of 720p cameras in iMacs could have been a conscious decision based on cost considerations as well as Apple deeming them "good enough" for the general populace, until the pandemic struck and the update of video conferencing tools increased the desire for better webcams. That the M1 MBA continues to sport 720p cameras (albeit with better software processing) may suggest that this is more a technical limitation than Apple deliberately choosing to hold back on users.
If I wanted to reframe your statement, I would argue that Apple is about creating products that are, to them, the perfect balance of form and function. Note the "to them" up there. It's obviously not something everyone agrees on, but this is through the eyes of Apple's design department, not the general populace, and while you may disagree, you have to admit that they are close to correct (most of the time).