Yes. I've had some expensive instruments, but currently enjoying my go-to bass, which cost £97. I'm not saying you shouldn't buy a Wal or a Ritter if you want one, but there's a point at which the law of diminishing returns kicks in and it seems to kick in surprisingly quickly.
This from a 'playing and using' point of view. Obviously if you're a collector or investor, it's a different set of priorities.