Not at all. Compare the specs of the iPhone 5s versus the Samsung Galaxy S4:
http://www.phonearena.com/phones/compare/Samsung-Galaxy-S4,Apple-iPhone-5/phones/7597,7378
Apple costs about $200 more and has fewer or lesser specs on nearly every level. Also look at the reviews from both the customers and the site. Again, no comparison.
Some people shop strictly based on specs, but not all. Apple makes mone multiple ways, which is why I questioned your over simplification of their biz model. The goal is to make significant profits, which they do well...