No, you have paid for the digital version, and printed (at your own cost and effort) a paper copy of it.
I also downloaded the PDF at my own cost (internet service/bandwidth) and effort (finding it).
Cost and effort are completely irrelevant to the situation.
If you had created a digital version from your own print copy (at your own cost and effort), then the comparison would be the same. But that's not what you are describing here. If you want a digital version, and you don't want to create it yourself, then you need to pay for it for it to be legal.
I completely concede that it's not legal. I've conceded that point for a while. I also don't care about what's legal and what's not. So I ask you this: what is the ethical difference between me scanning a book myself and my downloading the same book?
Let's take a whole new hypothetical situation. Let's say some fictional company called Sorcerers of the Heartland puts out The World's Simplest RPG (WSRPG). WSRPG is so simple, in fact, that it takes up only a single side of a single piece of paper.
WSRPG is available for purchase both as a PDF or as a piece of paper. And, of course, since WSRPG is so popular, it's also widely pirated and easy to find for anyone who cares to look.
Which of the following situations would you consider morally acceptable?
1. I purchase the WSRPG PDF. I print it out, which takes negligible effort and cost, and have something which is indistinguishable from the official dead tree version.
2. I purchase the sheet of paper WSRPG. I scan it in, which again takes negligible effort and cost, and have something which is indistinguishable from the official PDF version.
3. I purchase the sheet of paper WSRPG. I download a pirated copy of the official PDF, which is indistinguishable from the scan I could have theoretically made instead.