It probably isn’t cheaper for Kagi per token but I assume most people don’t use up as much as they can, like with most other subscriptions.

I.e. I’ve been an Ultimate subscriber since they launched the plan and I rarely use the assistant feature because I’ve got a subscription to ChatGPT and Claude. I only use it when I want to query Llama, Gemini, or Mistral models which I don’t want to subscribe to or create API keys for.