Uh, no, not even close. CS6 master suite (with everything you get now) was $7,988 circa 2007. Photoshop alone was $700. Illustrator similar when it was a standalone product.
Now, if you have a CS subscription long enough, year after year, yes you'll pay that much eventually. But not for one year's subscription cost, even under the new price. But unlike the old days, you're getting all the updates continually without paying $150 - $200 for upgrading one standalone piece of software like PS.
I would say that for people who use a lot of the apps and on a continual basis year after year and want the latest updates, they are probably saving money overall and spreading out the cost evenly. (i.e. a design agency.) But for us little guys buying it personally as an independent artist, people who used to skip four or five versions before upgrading (that would be me) or only need a few pieces of software and not the whole suite, yea it's a raw deal over time.
When Adobe came up with the perpetual license, I'm sure they put in a lot of thought to the pricing model to make sure they overall weren't going to lose money and that they would make more money and make it more consistently in the long run. But it creates new winners and losers in their customer base in terms of what they are paying and depending on their needs. They definitely lost a lot of good will from regular starving artists who don't need another monthly bill, but can afford to occasionally buy something that they'll use for the next five years without dropping another dime. Paying $800 up front for 5 years of use rather than $800 every year is a big difference, even if you get access to everything else. Frankly, most of the new features year to year are just fluff and cosmetics, the only truly groundbreaking new feature has been gen AI.