I mean, that's never been true. Hell, MacOS runs fine on pretty much any computer, as evidenced by the cakewalk that is the modern Hackintosh. In the Intel era, Macs consistently lost outright price-to-performance battles with equivalent PCs, and the same goes for the PowerPC era.

Instead of arguing with you though, I'll propose an amendment to your phrase: "Apple's lead in software makes their hardware profitable."

Does that contextualize things for you?