I think mining will be considered profitable if it can generate a income enough for ofsetting the cost of electricity of mining.. which now a days seem very difficult for bitcoin.so yes buying at current lows seems sensible. But yes keep hodling it long enough for making gains.
What matters are the time, energy and prospect/plan of the person? Some might want to mine for the money, but mining is not like before, which discourages many people. Miners of many years ago earned more in BTC, but it is not really worth the time and the energy it consumes these days.
Having said that, in my case, I prefer buying Bitcoin to mining. Yet, I will not just buy it, I will buy it at the right time after carefully speculating its bullishness. If one could sell when it is bearish and always buy when it is bullish, many profits would be earned more than the miners.