Very much this. It's contributing heavily to the ongoing shittification of clothing. It's basically impossible to buy decent underwear at a normal price anymore. Even the expensive stuff is comparatively shit. Brands that I used to be able to wear out over literally years, until I wore holes in the fabric, now last me maybe a year before the elastic just disintegrates, if there aren't holes in the fabric before then. Socks are mega expensive if you want something decent made with mostly cotton.
Edit for afterthought: It should be noted that SHEIN is definitely not the only contributor to this problem, merely the latest bleeding ulcer. Shops like Primark have been pulling this shit for years already and the entire fast-fashion industry needs to die a sudden, violent and bloody death imho. Most clothing articles should last for years of regular wear and washing. But many people today seem to want to wear a new shirt every other day and never wear anything more than maybe twice. Especially women seem to be guilty of this.