Sort of. (I kind of am, or used to be, an audiophile, so I'm naturally very biased on the subject.) Going from low-end to mid-range is a big jump and mid-range

Sort of. (I kind of am, or used to be, an audiophile, so I'm naturally very biased on the subject.) Going from low-end to mid-range is a big jump and mid-range to high-end is a modest jump, but high-end to ultra-expensive is typically "not really better, just (slightly) different". If you're a moderate audiophile then you'll end up with a system that sounds a lot better than what most people will have by default, and then you'll be happy with it and won't change it for years. Given the years of value you get out of it you're not spending that much money. If you're a stereotypical "religious audiophile" maximalist then you'll be chasing the top of the top and buying obscenely expensive things every month or two for years and years without any perceivable improvement over what the moderate has. This can sometimes manifest as the notorious $1000 audio cables but more commonly it's like spending $3000 on some headphones that aren't really better than a $350 pair. And then doing that over and over and over.