Yes and no. Sewing is something I do for recreation and the process is pleasurable for me. So in that regard, DP and I always say, "Well, did you get $20 of entertainment out of that?" and the answer is yes... then yes. I recently tried to sew a pair of trousers. $2 for the pattern (on sale), $7 for 2yds of the denim (on sale), $3 for the zipper.... and they were a flop. But I got $12 of learning and entertainment out of it. And then I went and bought a pair of jeans trousers from goodwill for $6, lol because I did need a pair of pants.
I sew my own baby carriers - I've sewn wraps, slings, MTs, podegi, buckle carriers, etc, some as gifts and some for myself. That has allowed me to try a greater range of carriers. And I used mostly clearance and bargain fabric to do so, so very cheap.
I also sew a lot of DD's clothes. They take so little fabric that they are pretty cheap to do, but I don't do it to save money - I could easily outfit her from handmedowns and thrift store clothes. I do sometimes refashion my clothes for her.
My big $$ saver:
I sew diapers and wool for DD, and household cloth and napkins, curtains, laundry bags, my own mending, minor alterations, clothes refashioning, purses, doll clothes, soft toys, all kinds of bags. This definitely has saved me money. I don't buy anything that needs major alterations, but I did just put darts in the waistband of my jeans to make them fit better and that was awesome.
I'm currently learning to sew high fashion garments because I really like fashion. This is more expensive than exclusively buying thrift, but even buying relatively nice fabric ($15-$20/yd) it's far cheaper than a new dress from Lord & Taylor.
I think the best way to be economical when sewing is to stay focused. Don't buy tons of fabric for projects you might do someday. I think a small stash of inexpensive fabric to be used as muslins when garment sewing is good to have, but otherwise, it's good to plan the projects, buy just what you need, and do them. I am currently on a buying fabric freeze and sewing through my stash. After that, I plan to have a very small container of fabric for "mystery projects" or for DD to pick out of for me to make garments for her but otherwise only on a buy-as-needed basis.
I also sometimes barter my sewing skills for other services. Occasionally I talk to old people who want me to do their mending, but I don't need more things to do! And I don't consider myself an expert sewer... more like an advanced beginner or intermediate. But I do turn out stuff that looks pretty good some of the time!