Ah, the age old high-cost-Fenders-aren't-worth-it debate!
It's the same theory of diminishing returns as most other hobby-commodities; is a £4k bass 10x better than a £400 bass? Probably not. Is there something about it that will bring the buyer happiness? Hopefully yes! That's all there is to it. One of the great things about Fender (that they are ironically also derided for) is that they make their product to a wide variety of price points - set your limit and go buy your bass, it doesn't matter if other people choose to spend a different amount.
For what it's worth - I have a CS precision. I had a decent bonus one year from work & decided I wanted to buy myself a precision as I didn't have one & GAS had made it's requirements known. I had a price limit in mind but for the sake of the search I decided to go out and try every P available between Reading & London regardless of price, new/used/vintage Squier/Fender/Custom Shop/Other brands that made a P shape bass, I played a lot of basses. There is no rule as to spending x will get you y performance, they all are what they are at the price that they are, some decent cheapos and some rubbish 10k+ basses - such is the life of a bass player. As it happens, the best bass I'd tried was a Custom Shop - it looked beautiful, played wonderfully & sounded awesome. It was c£5.5k I think, it was out of my self-agreed price range so for a best of cost/benefit bass I decided to go and buy a new Mexican Road Worn (they were actually pretty good basses and were less than a grand), when I was in the shop I saw the glimmer of a different bass that hadn't been there when I was trying out the Road Worns a couple of weeks earlier - a 2nd hand CS, it didn't play quite as nice as the £5.5k one but was easily the 2nd best bass I'd tried so I bought it at twice the price of a road worn but way less than the new CS.
I've played that bass on a huge number of gigs, from decent size stages to the grottiest of back-street boozers. Not once has a non-bass playing punter commented on the sound, a single time a nice lady said she liked the colour. Most of the time the bass we're playing make zero difference to the listeners - so just pick the bass you like & is mostly likely for make you play more, so long as you can afford it price is meaningless.