If reusability didn't save them money I doubt they'd do it. And they've said it's much cheaper to refurbish than to build new. Those rounds were to raise funds for Starship and/or Starlink development. Both of those have been money-sinks.
We can speculate - but also have to base the speculations on which is more likely. With its vertical integration and the simplified design of F9, SpaceX could build expendable F9s for cheaper than ULA or other competitors - in all likelihood. But they don't so in all likelihood the reuse approach is working for them, giving them even larger profits than being expendable.
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