That's only a valid comparison if you take massive infrastructure projects head-on. There is no law of physics stating that these tunnels can't be used for other situations and purposes.
Several things come to mind:
1. There are lots of places with lower density than city centers, but higher density than suburbs that would benefit massively from underground transportation.
2. Smaller tunnels running everywhere will be very useful for package delivery! John McCarthy (the man that gave us LISP) explains it in detail here: http://jmc.stanford.edu/commentary/future/delivery.html
3. Let's not discount the strong likelihood of further cost reductions. The Boring Company has made huge strides already, with further cost and speed gains to be had from a TBM they are designing and building from scratch: https://www.teslarati.com/boring-company-line-storm-tunnelin...