I can almost guarantee they are cheaper than lights.
A pretty basic traffic light can run 250k+ plus they cost money to operate.
250K would be an odd circumstance where there had never been a traffic light, all components were bought new, and the city chose to do insane pre-engineering and survey time. I know because I was involved way more than I ever wanted to be in stoplights being installed near our hospital campus. The lights were at our request and our cost. Initial bid came in just under $200. We ended up sub-contracting out each bit; rather than having one contractor handle the whole project.
Columns are $8-15K/ea x4 depending on style, BUT, you can get them for significantly less secondhand and in many cases you can't even tell they are "used".
Light heads are $2,500/ea - so $20K for a 4-way.
Computer - $8K
Column install - $5K
Electric install - $6K
We opted against "recommended" survey - which often (crazily) is the most expensive part of the stoplight - one company quoted us 40K. Seriously, 40K to count cars that passed in each direction 7/days a week at all hours. You can adjust settings. Why anyone would ever do this survey other than "it's what your supposed to do" is insane. Tweak it as needed.
We ended up putting in a new 4 way traffic light stop for under 100K. Annual power is around 7K.
Roundabouts are still cheaper tho, yes.