That actually seems about right to me, at least for the type of mfg I'm used to. Compare low-run CNC quotes from Hubs (China) and Xometry (USA) - Xometry is usually ~2-3x the price. I've seen similar for IM prices although I have less experience there. One caveat is that in China it's relatively cheap to move stuff between factories (Say the part is made in factory 1, then painted in factory 2, then laser-etched in factory 3), whereas in the US as soon as you try to do that setup and freight gets really expensive really fast.
I don't know anything about PCBs or components, so I can't really comment there - maybe the multiplier is worse in that case.
One additional thing to consider is there are often grants or tax breaks for US or in-state manufacturing that can be VERY appealing depending on where you are and what you need done.