As I mentioned previously in another thread, I'm starting to reload #9 410 ammo for clays because there's hardly any available and what is out there is EXTREMELY expensive.
Right now on Ammoseek #9 410 is running for about $1.65 per round. Considering that one afternoon of skeet competition is 100 rounds, that is really expensive.
With the reloading components I have in inventory right now, the three recipes I can currently make (depending on primer/powder combinations) are 42 cents, 36 cents, and 31 cents per round. The single stage press was $300, so even with my most expensive load I still paid it off with less than 10 boxes (i.e. one flat).
Primers are the bottleneck for reloading at the moment but I now have enough primers in stock to make 36 flats of 410 if needed, so I'm in good shape for a while.
All that being said, this math only works for #9 410 because a.) it's hard to find many 410 #9 loads anyway, and b.) 410 factory loads are very expensive at the moment and have historically been more expensive than other loads for some reason, even though c.) the shell is smaller and therefore uses smaller quantities of powder and shot, thus reducing the cost per shell.
If I devoted my components to making #9 12 gauge, those would be 52 cents per round, which is exactly what is on Ammoseek right now for factory loads.
So, this is a long winded way of answering, "It depends on what you are reloading". Some loads make sense, some don't.