It seems like it can make sense. Platform fees aren’t an initial outlay, they’re effectively a cut of profits based on sales.
For the sake of argument using fake numbers, if a studio spends $1m making a game, and then they put it on Steam and it does $10m in sales, then Steam’s cut of that at 30% will be $3m
So, spending more on store fees than development seems possible - especially if your game is selling really well