A vile argument. The idea that the state is empowered to curtail people's personal activities simply because the state chose to subsidize the personal health care costs of those activities should be anathema in a free and civilized society.
With that said, high taxes on tobacco products in particular are primarily seen (by proponents and detractors) as means to reduce smoking for general, not exclusively economic, public health reasons.
Tobacco taxes are certainly justified in many different ways, but public health is one of those ways. I'm also reminded of the big settlement the tobacco companies had to pay to all the states about 10-15 years ago, which was justified by the extra expense imposed on Medicare/Medicaid. That wasn't a tax, though it was functionally similar.