Volume is the real threat from drones. Any competent air defense system can shoot down a drone, which is much, much easier to shoot down than a conventional cruise missile, which is in turn much easier to shoot down than a ballistic missile. But you can't task interceptors that cost $200k to shoot down drones that cost $20k for very long. Even if they all hit, and they won't, you'll quickly exhaust your magazines.

In Ukraine both sides are choosing very carefully when and where to expend expensive interceptors, and I think as time goes by we're going to see a lot more passive defenses, i.e. sandbags and bunkers.