I think technically, it could, but that isn't factoring in promos / discounts, & ultimately, clever ways people cut the cord. etc. If a person is paying for everything individually, it can add up quickly!
I have T-Mobile, so that comes with Apple TV+ & Netflix. I get YouTube TV for $32.99 (have a 50% off a year promo). It also comes with Paramount TV+ for a year. Certain Verizon plans come with Disney+, the Apple One Services.
For Hulu, I just do the Black Friday promo every year & get it for $1.99 a month for a year (They've been running this promo for years) I get Apple Music for free.
They key with alot of this is finding out how it works for the individual. There are people who subscribe to a service for a month to binge a series, or just during a specific season (sports). Then cancel.
That isn't even discussing password & account sharing.
Not everyone is paying full price for these services. Whether through work perks, carrier deals, promos, or friends / family.