This is undoubtedly true, but there was another factor at play: one important aspect of the "Reagan revolution" (which I had a front-row seat for, being born in 1963) was the absolute desirability of lower taxes. Regardless of how low those taxes were to begin with, and what they were paying for, they were too high!
I started my education at the University of Colorado in the fall of 1982. My first semester tuition was about $650. At that point, the state of Colorado funded almost all the cost of in-state education (i.e., of state residents) indirectly, giving tax dollars directly to the university to subsidize the tuition of Coloradoans. My son started his freshman year at CU in 2021, and his tuition was more than ten times as much; still a bargain compared to a private school or out-of-state tuition, but the share of the actual cost provided by the state from tax revenue was dramatically lower. State colleges and universities were affordable because we, collectively, decided to support them and share the burden. I do not recall us having collectively decided to reverse this, but it was reversed.