Yes, it is high compared aluminium oxide discs, even very good ones, but about right for Cubitron. (For reference, the 3" discs of another specialty brand name sandpaper, Abranet, tend also to be around $1 each.)
And of course, the per-disc cost is only part of the equation: the Jonathan Katz-Moses videos, which looked to be quite thorough, concluded that Cubitron is competitive (or cheaper) when the criterion is quantity of material removed per disc.