Apple still makes a 40-50% margin on every iPhone sold. The iPhone could be the cheapest smartphone around, and it would still be generally agreeable that Apple has enormous profit margins.
Try 119% margin. It costs Apple $501 to make an iPhone 14 Pro Max, and the company sells it at a base price of $1099. But that is iPhone, not Mac. Apple's net profit margin as of September 30, 2022 is 25.31%, and that is due to their razor thin margins selling Macintosh hardware.
Apple still makes a 40-50% margin on every iPhone sold. The iPhone could be the cheapest smartphone around, and it would still be generally agreeable that Apple has enormous profit margins.