It depends on scale and stuff. Really fancy equipment can be a drag on any economy.
I have a 6 gallon stock pot for primary fermentation, or a large mash of beer ($30ish). I use a smaller kitchen pot for most of my batches of beer (1-2 gallons is a usual size for me). I use my grandparents old 3 gallon carboys and bottle capper. I also bought a used glass carboy 5gal for $20. Used beer bottles can be found for nothing through local Facebook groups and friends. I use screwtop wine bottles to save on cork costs. Gallon jugs are about $5 (you can also use these as carboys). So a low tech setup that can do 5gal batches can run less than $100. My initial setup was the stock pot ($30) and a 4pk of 1gal jugs ($20), and ballons ($2) for airlocks. That can give you enough room to make 3 gallons. A 5gal bucket and some strainer bags can be helpful depending on the recipes ($20ish).
Depending on the fruit wine I want to make, I can make it for between $3 and $15 per gallon at 18% ABV. Even for for beer, which admittedly can involve more equipment, I can make a case of NE IPA for about $16. That's probably about a third of the cost in the store.
The only additional beer equipment I have is a capper and a grain mill. The only reason I have the mill is that it was free. You can order your grain pre-milled.
And yes, I make mead, which as you said is where the real savings can come in. I also use my own honey so it's super cheap.