Well, yes and no ;)

If we go deeper there is more then just the cost of labor.

Industrial robots are mostly used for a high volume production of a single element of a product. The main advantage over human worker is accuracy and consistency not just the cost. For some industries the tolerance for an error is like 5 per 1.000.000 meaning the manufacturer’s customer may return the whole batch of a product if he finds more problems. The penalty for this scenario is very high, so it makes sense to use a robot that does not make mistakes like we humans would do even if it costs more.

Next, robots are also much faster, allowing for a higher output in a given time. There is also the rhythm that allows for a precise timing of logistics to feed the machines.

There is more, usually application specific.

In general robots are ‘cheaper’ at scale. For small batches or flexible procedures humans are better choice.