I have talked with many architects recently re reconstruction costs. And, while prices have shot up due to supply chain issues and so forth, and the $25 Mil Gil Hanse renovations/restorations get all the press, I believe most renovation projects are closer to those in the article (or less) than the high cost ones presented in the press.
After all, despite post covid play increases, for most courses, golf is a tough biz, and all things considered, spending less beats spending more. Or, more appropriately, fix what is broken, and leave the rest seems to be the order of the day for most courses.