Yes, if airline cost was included in the ticket price, you should be saving 180 euros more (which would still not be a great way to redeem), because overall plane tickets are cheap.

But, AF among others decided to masquerade part of their cost as tax and pass them to their customers, hoping they wouldn't notice that fuel had dropped. Actually, airlines still pay their fuel more, but it's not because the fuel is high, but because their management is deficient. But they still claim it's a fuel surcharge instead of calling it properly a "we like to swindle you" surcharge.

So they can claim that money off award. Basically, yes, if you chose to redeem in economy, it's near worthless (but a little more flexible).