That's with a full rectifier. It's even cheaper to go half-rectifier and end up with 50/60Hz flicker. Being cheaper, this happens a lot.
I'm super sensitive to this flickering and will get nausea after sitting in some cheap LED lighting while other people hardly seem to notice.
I jokingly say that with cheap 50Hz LED lighting and 60fps screens, virtual reality now has a higher frame rate than real reality.