coyotejoe, I have seen 30-06 Rem Corelok ammo for $19.95 right next to 8mm Mauser for $39.95. Almost the same amount of material. 30-06 being in more demand is mass produced year round which cuts the cost/box. 8mm Mauser is probably only made about 1 month out of the year. I can reload both for about the same price, about $10-15/box if I have the brass and depending on caliber. So yes, if you reload, the 22 Hornet doesn't use much more powder than pistol caliber. Small primers are the same for all small rifle calibers, and 223 bullets are not too expensive.
Primers are about $0.03 each now. A lb of powder is about $25. 500 55gr fmj bullets just cost me about $55 which is about $0.11 each. 1lb = 7,000 grains. A 22 hornet can use between 6.3-11grains of powder depending on brand and low or high load. Say 10 grains. That is 700 loads or about $0.04/shell. So $0.03 + $0.11 + $0.04 = $0.18 per 22 Hornet IF you already have brass or $9/box of 50. Brass can be reloaded about 10 times on average. How much is 22mag running now, $10-12 a box of 50, so yes, you can reload a 22 Hornet cheaper IF you already have brass. Add the cost of brass and divide it by 10 for an actual per shot cost. From what I have found brass is about $40/100 right now, so that is about $0.04 per round if you reload it 10 times, or $0.22 per round or $11 per box of 50. One can also load a 22 Hornet with pointy bullets or round nose, and load them hotter than a 22 Mag. Interesting stuff.
I can see if you don't have to buy the brass and reload it several times, the cost of primers, powder and bullets for a certain amount of ammo could easily be less expensive than 22 magnum. Because the 22 Hornet has a rim, I have seen a revolver chambered for it. Sounds like a good solution for the 22 LR shortage, or buy a good 22 Mag rifle for small game. Hopefully the stockpiling will subside soon and we can buy some 22lr.
I wish Ruger would take their new takedown 10-22 to the next level. Have interchangeable barrels for 22lr, 22mag, 17HMR. Would allow you to keep shooting whatever is available.