Yes that's true, although calculating the exact discount you get using a subscription could be difficult, especially since the labs often don't state their actual limits and just tell you you get "more usage" or "even more usage" or "5x the usage" (but how much exactly is x?).

It is clear we are getting a very meaningful discount by using a subscription though. I once checked how much would I pay for Codex after about 3 months of non-daily use if I only bought "credits". Couldn't believe it when it came out to be north of $1000 (I paid them $20/month in that period).

> it came out to be north of $1000 (I paid them $20/month in that period)

Yeah. My $200/month subscription would easily cost $5000/month or more if I were paying per token.