The supply Vs demand game is always interesting. Porsche used to be very good at it too, limiting stock helped keep the residuals high, whilst demand for the product remained high. Thing is, over time, people get bored of waiting and will start seeking alternatives. It also allows time for competitors to up their game.
Nobody limits supply to a quarter of what they could have sold if they hadn't limited the supply. You explain why in the last two sentences of your post. Apple didn't get to where it is by being stupid.