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Exactly. Even the transaction costs aren't great:

"Actual transaction costs are estimated around 0.001 cent/tx (at high transaction rates, amortized over billions of transactions, excluding migration costs). Note that this is an early estimate -- and could thus easily be 10x higher." [1]

Transactions costing singular cents [2], and very soon fractions of a cent [3], are already doable on public rollups providing actual control of your own funds, with escape hatches in case the system sequencer falls over [4]. These are, of course, still under heavy development. If privacy is a requirement, there's a zk-rollup for that (or, just use Monero). Not to mention support for social recovery.

This is a very PoS-Ethereum-centric (and L2-scaling-centric) view. There are even cheaper chains that trade L1 decentralization for faster blocktimes, instant finality, and/or much cheaper fees.

[1] https://taler.net/en/faq.html

[2] https://l2fees.info/

[3] https://www.eip4844.com/

[4] https://l2beat.com/scaling/summary