It depends how you do it. Ultralight gear is definitely more expensive because the designers use more expensive materials and really sweat the details. It’s also a lower-volume niche market than traditional camping/hiking gear.

Though you can also lighten up by just carrying less. This grandma thru-hiked the AT multiple times with little more than a shower curtain, blanket, bag of food, and sneakers.

I think it depends on the choices you make. For each expensive option there is usually a decent cheap option. Most people associate ultralight with over-engineered DCF and carbon fiber tents that cost $1000, but a sub-$100 tarp can work as well.