Well, I wouldn't say so... If the developers set prices reasonably, then they definitely took into account the cost of building one or another dwelling.
Why, for example, does a Cyclops King cost (as far as I remember) 1100 gold, while a Wyvern Monarch costs 800? Although the Wyvern is stronger.

1. Wyvern Monarchs cost the same as Cyclops, namely 1100.
2. They have similar damage - the sum of attack and defense is higher for Cyclops than for Wyverns (30 versus 28), and the damage is slightly less - it's a tie.
3. Cyclops are archers, and Wyverns are flying units, and as I wrote, it's better not to compare them - a lot depends on the situation.
4. Cyclops have the catapult skill, and Wyverns have poison. In addition, they have the same hit points.

From this, one can conclude (at a glance) that Wyverns and Cyclops are approximately equal, which is also reflected in the price - both cost 1100.

they took into account the cost of building one or another dwelling

Well, I don't know... in my opinion, the stronger the unit, the more expensive the building...

Added 7 minutes later

(and ballistics, IMHO, is one of the most useless skills),

With expert ballistics, when defending a castle, towers deal damage from 0.5K to 1.5K (unfortunately, I don't know how it is calculated exactly, but ballistics plays the main role).

There's nothing special about Cyclops, IMHO. If you need to break down walls, what are flying and ranged units for? And wasting precious turns.

There are enough cells - as many as seven, you can easily split the Cyclops squad, in addition, they can replace a catapult - if it is destroyed, and I often did that, and then all the ground units are no longer needed (unless, of course, there is teleport with a water expert or an earthquake, but still). And besides, it's cool to break down walls with a unit, and Cyclops have the right texture and a lot of strength:)