Ok, let's be more precise....let's go to the hearth.com fuel cost calculator...
https://www.hearth.com/econtent/index.php/articles/fuel_cost_comparison_calculator/
and put in 21 cents for elec, and 200% for efficiency (given that HPWH have EF>2, where EF is BTU out/ BTU in), then I put in 62% for the eff on propane (the EF of a typical cheap propane tank heater I googled), and then I found the price balance to be at $1.75/gallon propane. Typical residential retail price I found was ~$2.50/gallon, so the HPWH is nominally 30% cheaper to operate on a fuel basis, despite your ridiculous elec cost. YMMV.
Issues:
1. Note that for low volume users, the EF on the HPWH will go up a little, and the EF on the propane will fall a lot (due to its high standby). If you use a niagara level of DHW, the propane might be cheaper, if you are 2 normal people with normal shower habits, the HPWH looks like a win.
2. If your space heating is expensive, then heat stealing by the HPWH will cost you extra relative to the propane. Roughly speaking, though, you would need to heat your space with something more expensive than propane before this would become worth worrying about.
3. If you run a dehumidifier in your basement, then a HPWH can offset that energy usage, and make it a no brainer.
4. If you have cheap propane in your area (there are large variations) then it may be better, if there is a big tank fee or other nonsense, then the reverse is true.
5. Can you shop around for cheaper elec?