Absolutely not.
I've been a pc gamer since around 1995 and the price for the hardware to play all the games is probably bout 20% of what it was in the 90s. Back then you'd have to buy a $2000 cpu each year to keep up with the games, and sometimes drop $200-$300 for upgrades (a few mb of ram) just for a specific game (under a killing moon, total annihilation).
Nowadays, my PC is 4 years old (except the video card which is about 2 years old) and runs everything beautifully at 1600p on my 9 year old 30 inch monitor. Overwatch runs at 70 fps with high settings without even fully utilizing the videocard.
In fact, for the first 5-6 years of my pc gaming career most the games I played ran at under 20 fps (counterstrike 5-20 fps, 20 after upgrading videocard, 5 before, black and white around 5-10 fps, etc) and were borderline unplayable. I don't remember the last time that frames per second was a limiting factor in me enjoying a game...
I used to overclock my PC's hard because after a few years they would be useless, but now I view a PC as a 5-10 year investment and I don't overclock that hard anymore. The $$ savings are significant compared to 10, 15, 20 years ago. Some people will waste their money on l337 gam3rgearz like dropping 1000 bucks on an ASUS TN panel, or a sucker's edition 1080, but if you just want to play all the games at 60 fps it's cheaper than ever to do that.
Devil's advocate though, I will admit that video card prices have gone full retard in recent years, a direct result of Nvidia's greed IMO. However, if you can ignore the hype and don't care about topping the bar graphs, you can still play all the games for cheap.
Some truth and some errors. We NEVER had to spend $2000 for CPUs. And top new games have always had the $40-$60 price point with rare exception.
You mention Total Annihilation, I remember when it came out, my recollection is new $40.
Disk prices have sure changed. At a swap I got an INCREDIBLE deal of 300MB for $500.
I bought a 21" NEC CRT when they were over $2000.