Definitely less than it would be from having a game which they can keep playing, and getting that content permanently.

Is the enjoyment of getting a single instance of a single character, sometimes not even having full access of their abilities worth, as much as an entire other game? Maybe even a console or more, as the price surpasses hundreds of dollars? Not to mention any other practical things that they could use that money for;

However much one might argue that value is subjective, what isn’t subjective are the conditioning tactics being used. Habit-forming mission and reward structures, content being put in gambling formats to incentive compulsive spending. The fact that the game is bound to private servers is itself generally only done to enable monetization, and even more cynically, to force players to move to the next thing once that one ceases being sufficiently profitable.

I see enough people ultimately regretting how much they spent to question if they ever got that value out of it.