For a hobby if you're into that kind of thing, yes, making bread at home can be fun and easy.
For cost effective, not even close. Homemade bread cost 2 - 3 times store bought if you factor in all the time, tools, equipments, electricity, and materials needed.
My wife loves baking. The upfront cost for all the equipments and tools are thousands of dollars (including a very nice oven). After that, the cost of material has never break even compared to store bought because we always use higher quality stuffs. Also bakery bought their supplies in bulk so it's even cheaper.
I'm buying my baking stuff from a b2b shop, and pretty much in bulk
I never count time because it doesn't make any sense, I have a lot of time, 24h in total a day
In my case home made bread is around the same price with the cheapest bread in my area. And around 3 times cheaper than the bread from the bakeries
I'm also making cheese, so I never need milk and have a ton of whey (no matter how much bread I make, i'm still mostly using the whey for watering the plants)
I don't know what country you live in, but thousandS of $ is probably a little bit too much
Our oven costs $100, it's small and electric, but it does it's things flawlessly
If I would have any land I would even just build one from bricks