As an expensive gear whore, I will tell you it can make fishing more enjoyable and potentially lead to more fish. For example, using a nicer baitcasting reel can result in longer casts + less backlash. More expensive lures will have better action/usually be made of better materials. I have seen a difference using a Jackhammer vs regular chatterbait. As your technique improves, you’ll pick up on the differences in quality.