Yes, Agile is low cost when compared to other software development methodologies, due a few reasons -
Reduced risk of extra expenses on fixing issues later on - since the core model of Agile development works around regularly testing the solution and fixing any minor issues that surface, it is nearly impossible for an issue to later cause any functional errors. This is a major pain-point for traditional development setups where the testing is performed only after the entire coding phase is completed.
Lower initial investment allowing revenue channels to open sooner - while the total development cost at the very end might be similar for both methods, the initial model in agile development can be launched way sooner in the market compared to the model being prepared in a method like waterfall. This not only launches the product (although incomplete) at a much lower initial capital but also allows businesses to start generating revenue/optimizing business operations that convert into profits for the company. This means essentially the product starts paying for itself, making this option more cost-effective.
Reduced spending on obsolete features - Traditional development takes time, and with the current situation of the market the features that were initially decided during the planning phase, can become irrelevant and obsolete by the time the final product is deployed. This is where agile is more cost effective as nothing is committed for a span of more than a few weeks, which mitigates the risk of having an irrelevant feature in the final product.