Yes, I'm constantly surprised how many commentators don't understand this basic principle that mining difficulty adjusts downwards as well as upwards. It reflects a basic principle of economics that only the most efficient producers will survive difficult times in any industry.
I have also seen complete claptrap that suggests that the bitcoin price reflects the cost of mining it when the reverse is true.
Well there have been some historical correlations between mining costs and price. For example Fundstrat pointed out that price historically has traded at 2x the cost of mining (on average). Though as we know the cost of mining is not really a static figure in most cases.