That sounds abou right for a new dealer only part. They wanted $189 for the turn signal/horn switch on my 1982 Chevy Luv back in 1992. The horn wouldn't work because the brush that rides on the stearing whell had worn down to nothing. Of course the didn't sell the brass brush alone.
Labor, I could see a shop charging that much to remove the steering wheel. Especially with the air bags on the steering wheel, that liability would probably constsute some of the high costs of labor. See if theY factored in an alignment in the cost of repair. Shop rates are $75-$100 now-a-days I guess.