As someone who has seen both made, I think the prices are what you’d expect against materials and work involed. Plant-based meats require more ingredients, with more sourcing, and more processing. And then fewer are made and sold overall (economics of scale).
And people don’t realize, the subsidies hurt a lot of the manufacturing chains that are pricemakers for the meat. Ranchers have to pay the infamous feed tax when they sell their meat, which funds one of the biggest subsidies in the farming world, only paid out to the largest factory farms. Because mega-factory-farms can’t actually afford to charge the prices that ranchers charge, what after all those massive bonuses the top couple people make.