That's true from an ultimate sharp pencil analysis but ignores the NRE (non-recurring engineering) cost of programming a MCU. I am an old analog dog who went over to the dark (digital) side only this century, but one of my projects was a master section meter for a well respected (APB) analog console. My PIC based meter design was cheaper than the previous analog meter circuitry and added extra features (like simultaneous Peak and VU).
JR
PS; I used to have people get angry with me for saying I could do that cheaper with a MCU, but now decades later is stirs up less pushback...