You are right on the money!
It's cheaper to spend a few exta dollars on Jr. Man pay than to hire and train more pilots. More pilots on the property mean more sim costs, more check airmen expense, more benefits to pay, more recurrent classes, more of everything that costs money. For the company, Jr. Man pay is the cheapest way to solve the pilot shortage.
Some of you seem to be forgetting. Airlines don't view you as people with lives. They view you as just one piece of a complex logistical puzzle.