Of course not. But those are the primary costs of launch. Coming to think of it, fuel costs are probably smaller than dev and personnel costs. Nonetheless, it'll be a magnitude smaller than current launch prices. A typical series A round should allow startups to launch their own vehicles which is currently completely out of reach..

Fuel is only something like 2 or 3% of the cost of a typical launch.

I think that's the OPs point -- recoverable gear could potentially make fuel a limiting factor. (Although I don't know if this is realistic: there must be a lot of personell and equipment involved with refitting and firing a rocket into orbit, even if the rocket itself is free.)