For streaming music, let's say you're listening to the artists music in the USA (meaning your streams are worth the most). Let's also assume an average song length of 4 minutes and an average per-stream payment to the artist of $0.003526648542 dollars since you're in the USA[1]. In this world, if you listen to that artist for 3 hours a day, every day, for all 30 days in a month, then you will listen to 1350 songs from that artist and earn them ~$4.76 with all your listening.
So while it is possible that you could listen to an artist so much on a streaming platform that you give them more than if you buy an album, I wouldn't call it super likely.
[0] - https://www.recordingconnection.com/reference-library/record...
[1] - https://www.igroovemusic.com/blog/wie-viel-erhalte-ich-pro-s...
Pretty much this. The music is basically promotion for the merch, which actually makes money.
Cassette and vinyl sales are also important because in addition to the nostalgic (hissy/scratchy but also warm and saturated) "analog" sound the physical recording is a fun collector's item and something you can show off.
Hopefully live shows will return at some point as well.