I don't think that's entirely fair. Design went from way overpriced to below cost-of-living rates. Any experienced professional designer not only takes time to explore options, allowing for failures and new creative directions. And a big part of their job is explaining each idea to the client, why one logo or palette might better serve one demographic or work better for flexography, wide-format, etc. That's what's really been taken away and it absolutely costs more down the line.
Instead of a designer being paid fair value, they're fully out of work.
And to be really clear designers are far closer to musicians than the music industry. It's the freelance creatives being hurt by this practice, not the big agencies.