Definitely subsidizing the losses in the consumer business. Without Starship Starlink is on a path to bankruptcy like the companies that came before.
At $110/mo with 500k customers, they can afford to launch roughly 170 satellites per month. That is about break-even for their average launch cadence over the last 3 months.
That is not to say that, even when they can launch new birds, they will be able to make a profit on regular peon service. They probably will depend utterly on top-dollar accounts. Don't be surprised if your peon bandwidth gets disappointingly slow as they add more customers, and more who are more important than you.