I'm glad you asked this question since I've been thinking about it as well. We all seem to agree that entertainment is expensive in general - but I have no idea what the comp is for WDW - or if there even is a comp - when trying to figure out if the price is high, low or just about right (which I'd differentiate from value - since that's more subjective for each person).
I can't say that I think concerts, sporting events or theater are a good comparison. Mostly because the price of those is based in part on constraints that WDW doesn't have - including a limited number of events on limited dates in venues that limit attendance. Unlike WDW - which is typically open at least 12 hours a day for 365 days a year and rarely hits capacity for closures.
A couple of thought experiments to illustrate:
(1) Take the Patriots, or the Hamilton production, or Justin Timberlake - put them in the biggest venue you can find (say the University of Michigan football stadium which seats over 100,000), and have them "put on a show" about 4-5 times a day every day for a year. Are they still getting $200+ a ticket under "WDW conditions"? Not a chance.
(2) Now put WDW on the "concert/show/sports" model - close a park occasionally to hold a limited number of special events on a limited number of days and only for a few hours each that offer unique entertainment and events that have a capped attendance. If WDW did that, you'd expect higher prices under the "concert" model, right? Well - no - because I just described
MNSSHP and
MVMCP and SW Galactic Nights - and those tickets are a bit less than full day admission.
As typical with my posts - I have no idea what all of that really means, including whether that means WDW tickets are priced much better, worse or comparably with other entertainment. All I do know is that I have APs, the price is high but I still personally find value (at least for now), and the overall cost does cut down my other discretionary entertainment expenses.
TL;DR version: we're comparing $10 apples with $12 oranges. They're not really the same, but they're both fruit and probably both expensive for what we're getting. Whether either are worth it will depend largely on your individual tastes and if you enjoy them.