Indeed. The cheapness comes from inexperience, though. These fresh graduates have also not learned the dangers of overworking themselves (both to themselves and their employers), so everyone is very willing to continue this grand delusion.
With experience, you also learn better ways to express your intent in the languages and frameworks you know well. Inexperienced, high energy devs will just be fast at writing boilerplate.
Remember when MongoDB, for example, was widely assumed (by the inexperienced, mostly) to be the obvious data storage tech for building virtually any web-facing application? Now, after wide experience with formerly-shiny Mongo, it's viewed as just one among many alternatives for reaching "web scale".