Yes, its price cannot be justified on the basis of its performance. You must either have a need (i.e. using or developing Apple-specific software) or a strong desire to use a Mac. At that point, price only matters in so far as it needs to be within your budget.This review unfortunately makes the Mac Studio look more reasonably priced than it really is, by limiting its comparisons to only two of the most expensive CPUs made by AMD and Intel. This allowed the author to conclude that as much or even more money would need to be spent building an AMD or Intel system with equal performance - which is completely false.
The truth is that for a little over $1,000, you can build a PC using for example the AMD 7950x that will out-perform the Apple M2 Ultra in Cinebench R23 or other CPU benchmarks. As for GPU performance in Blender, even first-gen Nvidia RTX cards have no problem equaling or beating the Apple M2 Max; and a modern 4080 will beat the M2 Ultra. So for around $2,000 total you can easily build a PC that will out-perform Apple's $4,000 - $6,000 Mac Studio configurations.
Apple's traditional weakness has been how much its products cost, relative to comparable PC and Androids.