Not necessarily. The people who were buying the high-end version with all the features enabled would then be paying a lot less so the total revenue is significantly reduced. Of course they could raise the prices but then the people who were buying it at lower prices for just the features they wanted will suffer. The price increase might be so much that the lower-end consumers just stop buying it altogether, and then they have to raise prices even further to make up for all the decreased revenue. And then the cost per person will actually be even higher since there are fewer consumers but presumably the total cost of production is the same.

Look at it this way. By decreasing prices in exchange for disabling some features, they increase the total number of consumers. With more consumers the total production costs can be distributed amongst more people. Which lowers prices for everyone, including the people paying for all of the features.