It's the same with most things.
The most extreme case of performance is probably cars: the difference between a supercar and a hot hatch; that last 10-15% can cost £1m+.
I think the differences in Hi-Fi can be quite subtle.
It's ironic that musicians will happily discuss upgrades, pickup sound, valve amps, digital vs analogue, feel, and so-on, but yet argue about whether a system's ability to reproduce those subtleties is a real thing or even relevant.
I don't understand how you can separate the quality of the music from the quality of the reproduction.