More of the former than the latter. Unless you are shooting a lot each year, I doubt you save much money loading standard calibers. There is plenty of accurate factory ammo out there these days. I shoot several Weatherby calibers and such, so it is economical for me to handload those.

The initial cost of the reloading equipment is costly, but if you shoot often the price will offset in a few months to a few years.

An example is my 223, I shoot roughly 500 rounds a year out of it and prefer the 50 grain Nosler Ballistic Tips. A box of 20 for that specific bullet costs $25 from Federal (Theirs is actually 55gr, but who cares?). If I were to shoot 500 rounds of that a year, it would cost me $625.

Now look at the reloads...
500 NBT slugs $115.
500 primers $15.
100 brass that I can reload AT LEAST 5 times is $30.
2 lbs powder $50(thats just for the 223, the Weatherbys and other mags will on average use a lb or more for 100 rounds)
Reload total=$210
New reloading kit $300
Savings=$115
Future savings= $415 after reloader purchase.

I can use that $115 to by my wife flowers and take her out to a movie the next time I'm gone all weekend hunting coyotes or shooting varmints :)

I started handloading in 1968 with a Lee Loader, and bought an RCBS press a year later. Over time, I've had the opportunity to get a better understanding of how and why my firearms perform, of what works and what doesn't work, and by far the most accurate cartridges I've fired were assembled on my bench. I spent a significant sum on accessories and components and gotten much more ammunition out of it than I could possibly have purchased at factory ammo prices. The lessons of consistency have not been lost on me. I've enjoyed rifle & pistol competition. I've also exercised some creativity to get the most out of the firearms I own in terms of versatility and accuracy potential. My most cost-effective reloading efforts have been the .38 Special, .222 Rem and .223. I continue to save significantly on all other cartridges I assemble, but I seem to get the most "bang for the buck" with these cartridges.
Over time, I have purchased a number of rifles chambered for cartridges I thought would be interesting to handload, and they were. If you are limited to the factory loads, you cannot enjoy the spectrum of versatility many of your rifles and sidearms offer. If you don't enjoy the process or take satisfaction in the results, then handloading will not be worth your time. If you shoot regularly or intend to do so, reloading will benefit you. If you shoot occasionally and you're satisfied with that, then it probably won't be worth the expense to equip a bench.
Speaking for myself, if I could handload for my centerfire rifles and sidearms, I would dispose of most of my equipment and keep only a basic minimum of .22 rimfire and personal defense equipment. Handloading means THAT much to me.