I know, I was amazed at all the HDMI to VGA cables for sale.
There is one possibility I hadn't really considered, that there is a D/A converter circuit in the connector. I don't see how they could do that for the price, given the complexity of the conversion requirements, but it is conceivable. (Edit) If you read the descriptions it appears to be just a cable, nothing more.
I suppose for the price, you could give it a try, if you really need the conversion.
But for your needs, a component connection would work just as well, unless you prefer to run HDMI for some reason.