I did a little looking out on the 'nothing-but-truth' web...

... and the consensus seems to be that if you are a high-volume shooter, and you don't value your time all that highly (for reloading), then you can make reloading HS work. The high volume part has a sidenote in that YOU by yourself don't need to order up bulk supplies of HS, but can get together with a group of other hunters to order in bulk and save on shipping costs.
Some have stated being able to load them at $1-$1.50/round, which sure beats buying them in 10-round boxes for $25 or so (and that's 2 3/4" 12 ga). So. if you're a die-hard that's going waterfowling 5 times/wk throughout the season, I'd maybe be looking at reloading it. However, being practical, if I was missing 50% or more of my shots, I'd be wondering whether I should be missing much more cheaply with steel!
I'm fortunate if I go through 25 rounds in a season, so I suck it up and pay the factory to load it.
Your web searches or experience may yield a different answer.