Photoshop CS2 in 2005 was $599 for the full version. Today that's the equivalent of $850. That would pay for 3.5 years with the current subscription model. So if you were upgrading every 2 years it's actually cheaper now, but of course if you wanted to keep the old version for 5 years it would be more expensive.
Have you _seen_ the IT infrastructure of some non-tech companies? The amount of companies that had to scramble for the Windows 7 (released 2009) EOL in 2020?