Short answer for me is no, but I dont do it to save money. I never come out of the fly shop without more than what I went in there to buy, For me it is a pleasurable activity to pass the off season.
Being able to customise one's flies is also valuable. For example, I find that alot of the patterns have the proportions a little off, especially small flies like midges. They are almost always too fat. The ability to use better materials is key ie, better hooks, tungsten vs. brass beads.
I think if a guy were to only tie what patterns they fish in large numbers, and only tied those flies it may save money in the long term. The problem with that is hardly anyone does that.
Andrew