In most of the cases, yes.
As mentioned in the article: "How Do Anime Budgets Compare to American Animation Budgets?":
The answer is still "much, much cheaper." The average American 2D TV series like The Simpsons or a Nickelodeon show can cost quite a bit of money, typically US$1-2 Million per episode. The longer a show goes on, the more it costs to produce because most of the creative staff get a bump in pay every season. Recent episodes The Simpsons now cost over $5 million per episode to make -- and Fox has been desperately trying to renegotiate everybody's contracts because the show has become unprofitable. Nobody envisioned the show being on the air for over 20 years.
On the low side of things, cable shows like Avatar: The Last Airbender and Invader Zim are estimated to have cost a little over $1 Million per episode, and the really low budget stuff can go down to about $350,000 to $500,000 per episode. It's not cheap.
Anime, however, goes much, much lower. A typical show can cost as little as US$125,000 per episode. On occasion a very well-off production can go north of US$300,000 per episode, but that's pretty rare. Budgets for an anime are never made public, but that's the general level things are at.
There's also a breakdown of the costs in the Crunchyroll article: "How Much Does One Episode of Anime Cost To Make?" as follows:
Original work - 50,000 yen ($660)
Script - 200,000 yen ($2,640)
Episode Direction - 500,000 yen ($6,600)
Production - 2 million yen ($26,402)
Key Animation Supervision - 250,000 yen ($3,300)
Key Animation - 1.5 million yen ($19,801)
In-betweening - 1.1 million yen ($14,521)
Finishing - 1.2 million yen ($15,841)
Art (backgrounds) - 1.2 million yen ($15,841)
Photography - 700,000 yen ($9,240)
Sound - 1.2 million yen ($15,841)
Materials - 400,000 yen ($5,280)
Editing - 200,000 yen ($2,640)
Printing - 500,000 yen ($6,600)
If you suppose an average episode has 5,000 frames, the price per frame for an in-betweener is 220 yen or just under three bucks, which apparently is a rate that hasn't really changed much in the past 30 years. Japan Animation Creators Association rep, Osamu Yamasaki, commented [roughly translated], "30 years ago it was said that one person would draw 1,000 frames per month, but now if you can do 500, that's considered good." Under these circumstances, it's no wonder young animators are having trouble making it in the industry.
However, that's the general trend in expenses. There are ofcourse exceptions. An anime may cost way more than a particular show for the same duration of airing time. There are many such cases. To list a couple of them:
The Wind Rises had a reported budget of US$30 Million, and The Tale of Princess Kaguya, with its infamous ten year production schedule, likely cost even more. Back in 1987 Akira was made for a then-record ¥1.1 Billion, which would be around US$10.6 Million today.
The reason for this general trend is because a TV show has to entail the payment of actors, writers, director along with sets and equipment such as cameras, studio space or shooting on location which adds more money to the show.
There are some extremely high priced sitcoms as well, such as Friends. In 2000, it was reported that each cast member was getting $750,000 per show. (After all of the perks were added it was $40 million per actor or $240 million dollars).
