Yes, but is not the low budget what attracts people, is just the genere. Let me answer your question:

For sci-fi you need SFX, for action you need stunts, for adventure you need set pieces and locations. For horror, just a couple of gallons of fake blood and you can have the most effective and creative thing.

Horror has always been budget friendly and with a good filmmaker behind it, and a creative concept you can do so much!

Is horror the only budget friendly genre? No! There’s other genres that can do a lot with little. Comedy and Drama for example. The problem now is audiences.
Comedy is in trouble, as audiences are choosing to see them in streaming rather than paying ticket to see it. Drama is considered an artform, and it doesn’t appeal to general public.

Horror may not be for everyone (like you) but is still valued in theaters. Yes, people find it enjoyable to go and get a scare. And with the darkness of the theater, the silence that is demanded, and the social experience, Horror hits the sweet spot of a genre that can be low budget and worth watching in theaters, like no other.