Yes, that's the way the government try and explain it as well to hide the true cost. Sure, you can amortise it over as many years as you want,, but then you run into all the other projects that are amortised over the same period so you end up the same.
It's a bit like when your financial advisor tells you that your pension will only cost 2%. It doesn't sound much, but what they don't tell you is that it's 2% of your total accumulated fund, so the money that you paid in the first month, loses 2% every year for 40 years, so they actually take 80% of it. The best pension funds take out about 25% of what you pay in overall, and 40% is also quite common. If you ask the advisor,"How much do I pay in, and how much do you take out over the life of the pension?", the figures would scare you into not taking out the pension.