Basically, yes. My last 4 days of playing with this voice assistant cost me some $3.60 for 215 requests to GPT-4o, amounting to a little below 700 000 tokens. It's something I can afford[0], but with costs like this, you can't exactly give GPT-4 access out to people for free. This cost structure doesn't work. It doesn't with GPT-4o, so it more than twice as much didn't with earlier model iterations. And yet, that is what you need if you want a general-purpose Copilot or Assistant-like system. GPT-3.5-Turbo ain't gonna cut it.

In a large sense, Microsoft lied. But they didn't lie about capability of the technology itself - they just lied about being able to afford to deliver it for free.

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[0] - Extrapolated to a hypothetical subscription, this would be ~$27 per month. I've seen more expensive and worse subscriptions. Still, it's a big motivator to go dig into the code of that integration and make it use ~2-4x fewer tokens by encoding "exposed entities" differently, and much more concisely.