Hanja for 제품 : 製品
would a more direct translation be something like: "as for this product the price is too expensive"?
Yes, that would be a more literal translation. It more naturally translates to "this product's price is too high" though
I am not an expert but......the price can be low or high so it cannot be neither expensive nor cheap. This is the feature of the product itself which can be either cheap or expensive.
가격이 싸다 = cheap at the price
가격이 비싸다 = overpriced
So would suggest a translation in the line of
This product is way overpriced ...