Just checked my Amazon history, and in late 2020 I bought two Raspberry Pi 4s with 4GB memory for ¥6,500 JPY (~$62 USD) each. At the time, they were in somewhat short supply and I payed a little over the $55 list price from a reseller on Amazon.
It looks like the current price on Amazon for the Raspberry Pi 4 4GB is ¥18,800 (~$117 at current rates), which is indeed expensive AF. Oddly, the Raspberry Pi 5 4GB is priced about the same, at ¥18,950 (~$119).
Considering inflation and the speed increases over the 4, the Raspberry Pi 5 price doesn't seem too unreasonable to me. But having the price go up well over ¥10,000 definitely takes it out of the realm of impulse buy and more into something I would only buy if I had a specific and urgent need. So I can definitely see this killing off a good chunk of the hobbyist market.
As it stands, my two older Pis are currently sitting unused in a closet, so I would definitely try to use those before buying anything new.
My big regret at the moment is not buying a 4TB M.2 SSD last year when prices were dipping down below ¥30,000. Now they have more than doubled to ¥65,000 or more. I had one in my cart, but decided not to buy it with the rationale that "well I still don't need the space right now, and the price per TB will probably come down even further by the time I do need it". That is, after all, the way that prices on computer component have worked for most of my life.