We all indulge - to the limit of our bank account. New toys are fun, exciting, etc. And that can help creativity.
I've talked about the difference in sound quality w/ various professionals and many agree that most modern equipment is up to snuff - even the lower priced stuff. There is a real difference between high/low gear, but it isn't a deal breaker. Many of the front end stuff is used because the engineer knows a UAD will work on the bass, a Neve on vocals/guitar, a coles for a drum room mic, despite the musician and his/her gear. It is a matter of time.
One guy who owns a local studio keeps changing his main vox mic. He has had all the majors - AKG 12, Sony 800 and more 47 clones than you can shake a snake at. He's got a manley now. I took my recently modded Oktava and a singer down there one evening and guess what? The Oktava held its own. Sure, the manley was richer and had the tube thing going but it wasn't $6000 worth of difference. Maybe someday....
A good studio is worth it, if you can afford it. But at home, no matter how humble, you can spend the time to get things to sound right. You are trading your time (hopefully doing something you like) against a small premium in actual sound but mostly for the engineer who can use his stuff to get a great sound quickly. But all that doesn't mean squat if the song sucks, and most of an "audience" won't be able to tell the difference listening to their earbuds on the subway anyway.
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