It's high relative to the price of the hardware
Christmas ‘88 a NES was $99 at Sears.
https://christmas.musetechnical.com/ShowCatalogPage/1988-Sea...
That makes math trivial. What did games cost?
Mario 2 was 45% of that. Kid Icarus 40%. Punchout was 35%. Cheapest game was 10 Yard Fight at 30%.
Switch 2 is $400. Mario Kart World is $80.
That’s only 20%. HALF the price of Kid Icarus in relative dollars.
Games are not more expensive in inflation adjusted dollars. They’re not more expensive relative to the console.
Games have gotten cheaper.
It's also worth mentioning that the market is WAY bigger today than it was in the 80's. Successful games fly through millions of copies like it's nothing. Even if the margins are lower, the volume is way higher. (And each copy sold has no real additional cost)
Also, the SNES and N64 both cost $200 on launch. SNES and N64 games cost $60 on launch. 60/200 = 30%.