Does an artificer’s Spell-Storing Item bypass the need for costly/consumed material components?

Suppose I am an 11th-level Artificer with a +5 intelligence modifier, and I use my Spell-storing Item feature to store Continual Flame, whose material component is "ruby dust worth 50 gp, which the spell consumes". However, it’s not clear whether producing the spell from the item requires this or any components at all:

While holding the object [in which the spell is stored], a creature can take an action to produce the spell’s effect from it, using your spellcasting ability modifier.

The usage of the item appears consistent with the usual rules for casting spells from items: activating the item to cast the spell is an action, but that action is distinct from the "Cast a Spell" action and doesn’t require components. However, if this is the case, it seems that I can use Spell-Storing Item to produce 10 Continual Flame torches (or Arcane Locks) per day without spending any money at all. Does this work as described, or is there some reason that the spell-storing item would require the costly component in order to cast the spell?