That's still the case if one is directly mining BTC, which hasn't really been viable on GPUs since 2012.
However, GPU mining alt coins never stopped being situationally profitable, and ETH is the main one being GPU mined now.
Even my 1080 Ti's are making $4 a day, each, at current prices.
Anyway, I hate the whole money thing, especially as exemplified by modern fractional reserve banking. When I originally got into crypto in 2010-2011, it was from the crypto anarchist perspective, mixed with a bit of technical curiosity. By that measure, BTC has been a colossal failure, because instead of providing an alternative financial system, it went mainstream as was absorbed by the status quo.
Of course, I'm also a pragmatist, and I'm not going to turn down opportunities for profit. Despite selling most of my BTC back when it was worth around $2 each (I once spent fifty BTC on an early Amazon Kindle for my wife's birthday), and having a fair portion stolen from the original, very sketchy, exchanges, I've still been able to pay for all of my electricity (not just the mining use, but all of it) and all of my PC hardware for the last decade with mining profits.
I broke down my last dedicated mining system a few years back, but I've still been mining ETH on my 1080 Ti's when they weren't being used for something else. After subtracting the last three years of electricity costs, and the cost of the GPUs themselves, the wallet the pool I'm in is still at ~10K USD of profit...from the part time mining of two 1080 Ti's, purchased for gaming, three years ago. That's why my new GPU budget has gone up...I moved (but didn't sell) two ETH to buy a 3080 when that was the equivalent of ~600USD, it's ~2500USD now.
As to when this insanity stops, I wouldn't count on that any time soon. Current prices are largely driven by institutional investment--banks buying BTC and ETH for the long haul--not the pump and dump speculation of days past. I'm sure there will be some corrections in the short term, but a long term bull run seems likely.