I think color paper is even cheaper than the BW paper, at least for me
I do both BW and color. And I'd like to spend more time with photography, less time with all the mechanics. To me, I do not have time to experiment with all the BW chemicals and processes. I tried a couple and stick with one that I'm very happy with. Then for the printing, I know how to control the density and contrast and get the effect I want. Then it is time to move on. It is never ending to try new stuff.
The other thing comes to mind is that, BW photography is considered ART and color photography is mainstream and less of an ART. This has nothing to do with photography, but just with the concept of their popularity.
If today I shoot with a TLR, others would think I'm an artist since I use an old and strange camera. But TLR cameras were so popular in the old days and they are hardly considered artists' tools.
Actually by now almost all film photography should be considered ART since the mainstream has already moved on to digital....