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Yes the crafted ammo is much higher than the merchant bought ammo
Not entirely true. Crafted stuff is, like others have posted, good and semi-convenient. You get the satisfaction of making your own. But it is not always best for your level.
For example: bought light shot is about .5, crafted light is .7, bought heavy is 1.2 (req level 100, crafted heavy is 1.5 (req level 15)
As you can see from the example, there is a leap-frog effect. As a hunter in my high teens, my gun is the best that I have seen for my level - Hunter's Muzzle Loader with +1 scope (req level 14). An engineer could create a better one - Deadly Blunderbuss (req level 16). Those required levels on most items is what really slows down overly twinking.