Is it actually cheaper to DIY most home projects once you properly account for your own time

[Squid35]

DIY projects are frequently promoted as the genuinely cheaper alternative to hiring a professional, and for materials cost alone that is often true, but the calculation gets considerably more complicated once you actually factor in the real value of the time spent, the cost of tools that might only ever get used once for that specific project, and the very real risk of an inexperienced attempt going wrong and requiring an even more expensive professional fix afterward than if a professional had simply been hired from the very start.

Some people argue the true value of DIY was never really about the money at all, and that the actual satisfaction, skill building, and sense of control over your own home genuinely justifies the time investment regardless of the strict financial math involved. Others argue that time genuinely is money, and that for anyone with a reasonably well paid job, hiring a professional for anything beyond the simplest tasks is usually the more rational choice once every real cost is properly accounted for. Where do you personally land on this, and has your view actually changed based on a specific project that either went really well or really badly for you?