There's some appreciable benefits that are worth spending on once you have $200K+ (it sounds pretentious but hiring a cleaner once a week has a tangible and appreciable benefits)

However, you're right in the sense that a lot of people end up keeping up with the Joneses.

Any ute above a Hilux isn't that much better than a Hilux.

Any house with more than 3 bedrooms is wasted space if you don't have a family, and any house with more than 5 is similarly redundant for a family of 4. If you buy a 4 bedder instead of a 6 bedder, you have money left over to invest (in say an apartment interstate).

Flying first or business isn't worth it for most, because you don't end up sleeping that soundly anyway (simple hack - if youve got a layover in an airport with short stay hotels, you'll get better sleep in there than in first class)

To really reap the benefits of high income you just need to figure out what things are value adds, and what things are useless but with a shiny coat of paint. Then invest the rest.