That is good value.
That £60/hr (even though they say industry is £150) you are being charged is fantastic. I pay £90/hr, main dealers can be upto £400/hr.
It includes a premises rent, thousands of pound of tools, software, lifts. It includes staff training and costs over salary (usually around salary+25-35%). It includes the reception and booking process. Insurance. Energy bills. Small amounts of cleaners, oils, greases etc that add up each day. Computers, paper and printer, phone lines, broadband, website and more.
And let us not forget the skill and knowledge to know what sensor, where it is, how to replace, where to source the part from, and how to generally look after your car.
I have more of an issue that the cost of parts is rocketing. That sensor a few years ago was probably £15... I just had a new turbo actuator. Last one I had fitted was about 25 years ago, and if I remember correctly it was £60. Today it was £320+vat, plus a couple of other parts on top. And this is on a small city car...
Cars are just chuffing expensive.