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I do not believe it is possible for cultured meat to ever be cheaper than industrially farmed meat. An animal as an integrated system has too many inherent efficiency advantages over a lab culture, even an industrially-scaled lab culture.
Cultured meat will come down in price, maybe from 10x animal meat to 2-3x, but it's always going to be a novelty/luxury and will never compete on price as long as industrial animal farming practices are legal.
I agree there are still technical challenges ahead, I'm just optimistic about innovation. There are a lot of companies investing heavily in this field, so there must be many technical experts who are similarly optimistic.
I'd also like to point out that current agricultural practices are heavily subsidised. Plus there are the unpaid environmental costs. If agricultural subsidies were no longer applied, and all businesses had to start paying an emissions tax, so that consumers paid the actual cost of farming meat, any financial comparison to cultured meat would look very different.
I don't think it's going to happen in the next 5 years, but 15 years from now? Maybe.