[2022] Is HP ammo worth it?

It depends on how valuable the raw ingredients are to you, I’d say.

If you’re a serious miner, you can likely come up with whatever quantity of lead, nitrate, and coal you need. That just leaves brass to make ammunition, which is designed to be the bigger bottleneck. Putting more bullet tips or gunpowder into each round means using proportionally less brass, which in the long run should line up better with the inflow of resources. Not that brass is hard to acquire either, but mining the other ingredients is really straightforward.