I agree the "shit is just too expensive" is a pretty lame excuse. I think to back when I was a poor ballet dancer around college age, and we always found lots of cheap things to do - a lot of it was like you said, usually just going over to people's houses to hang out, or doing stuff in the city that was cheap or free. Going out to restaurants was a rare treat, and it was almost always a cheap dive place. I had to laugh about the comment about the expense of "8 oz cocktails" - we weren't drinking cocktails, we were drinking 6 packs of Natty Light in someone's studio apartment.
But what I think has changed is that it's so much easier to not be bored with modern tech, even if it makes you lonely. There is TikTok, YouTube, Netflix, multiplayer gaming, etc. It's just a lot easier to sit at home with these kinds of entertainment, so the "activation energy" required to go get up and plan things with friends just feels a lot higher.