Yes, the lease determines that. You would be correct if that is remotely what I suggested. Again, if you are only keeping the car short term, meaning about as long as the lease, then the lease is cheaper. If you are keeping the car long term, meaning useful life of the vehicle, them lease is a massive loser. Equity means nothing when you still need a car and must get another. However driving a paid for car for the rest of its useful life destroys leasing another car each time the lease is up.
Sadly lots of folks have gotten sold on them with the same bad math argument you use.