Similar, but interesting analysis here:

https://centreforaviation.com/analysis/reports/us-legacy-airlines-enjoy-a-heyday-while-ulccs-face-margin-pressure-660984

Seems obvious now that they said it, but when an industry faces numerous constraints (shortage of ATC, pilots, airplanes), high margin businesses will do much better than high volume businesses.

In normal times, it may not really matter if you sell 10 widgets at $10 profit, or 100 widgets at $1 profit, but if you’re only able to make a fraction of those widgets, the low cost/high volume model doesn’t work.