If time matters is always a question of relation. If you have to bill each working hour that you spend on a project the time that you need for the additional cabling, programming and error checking when using the external relay multiplexer might be more expensive than buying a board with more axes.
For the case that you just need to route a step and direction signal the external multiplexer might be ok but if you have to use limit switches, inhibit signals and more advanced security features like the +5V host interlock and so on, things might become more complicated and you could easily end up with a more fault-prone solution that is even not cheaper than another board (if you have to calculate the time that you have spent on it...).
These are just some concerns that I derive from my almost 10 years experience with customer projects.
Jochen