While I don't disagree in general, there are a couple gaps in your reasoning that weaken the argument:

Adoption doesn't necessarily correlate completely with price. Price can increase without much adoption, due to speculation. In theory, adoption could also increase without much price increase.

Electricity isn't the only requirement for mining. Hardware is also required. Miners can't simply use lots of additional electricity if the hardware isn't there. Yes, new hardware can be manufactured, but it takes time.

The block reward decreases over time. If it's using Europe levels of electricity at time X, then after a block reward decrease, it'll use Europe/2 amount of electricity. This decreasing also disincentivizes manufacturing new hardware.

Miners can have different efficiencies, due to different types of hardware, and different types of electricity generation. So while the least efficient miner will be operating at near breakeven, the most efficient miner will be making much more profit. So while the least efficient miner will use $1M of electricity to mine a $1M coin, the most efficient miner will use less dollars of electricity.