Yep, Pixels for them are entry points to Google One subscriptions, etc. The Pixel 9a is currently 350 Euro in my country, it has the same CPU/GPU (modem differs) that the expensive 9 Pro/Pro XL/Pro Fold had. Factoring in development costs, etc. at that price I cannot imagine it being more than break-even.

Also, even Pixel 9a has all the security functions of the flagship that many other Android phones do not have or are just getting, such as the Memory Tagging Extension (MTE), the Titan M2 security processor (no need to rely on TrustZone for secrets), etc.