Very much this ^^^^
I haven’t owned a budget bass in quite a long while now (even my recent MIM Mustang was nearly £1k) but it’s because I can afford to be choosy and, up until recently at least, was playing live regularly with them.
However, I also still play guitar (bring on the flaming torches and pitchforks) but not live and I don’t own a single guitar that cost over £400 (save for an acoustic from way back in my guitar playing/gigging days). I’m really into budget line guitars (Epiphone & Squier) that I can mess about with and upgrade if and where necessary, without the potential for ruining or devaluing a more expensive instrument. I’m currently thinking about getting myself a Mustang guitar and after looking at Performers and Vinteras (online at least), I think I’ll probably go with the Squier CV for the reasons previously stated.
Back to the original post, are expensive basses worth it, or would you better off with a cheaper bass? Yes and, err, yes. Will both basses get the job done? More than likely and probably not with a massively different hands on experience (providing the cheaper bass is well set up and you didn’t buy something that was not your normal taste in terms of playability). Is owning an expensive bass worth it? Yes, with the caveat of only if it gives you pleasure for its own sake (if it makes you feel guilty, move it on).