I like to shoot .22 , 223, and 308. I reload myself, and take my time at the shooting bench. Probably costs me $20-30 per range visit, twice a month. Some outings I only shoot .22, and they are the $10 days. I'm happy with either. Sometimes I need the visceral punch in the shoulder. I find slowing down helps my aim and makes for a more meditative range session. Buying my reloading components on sale means about $.65 per round for .308, and $.32 for .223.
Sometimes I like to shoot trap, but even a game of trap is only $13 all in. ($6 for clays, $7 for ammo)
The other thing to think about is that if you buy mid range gear and look after it, it will probably not depreciate in value much.
It's all relative. On the fun to value scale, it ranks pretty high.
Most hobbies can be done pretty inexpensively if you do the maintenance yourself, and don't need the latest an greatest every year. There is definitely a point of diminishing return in this sport, as with most.