A bike that fits right is what is most important IMO. The bike does not need to be really expensive (light weight, strong, low cost—you can only have two).
The sport should only be super expensive for people actually racing competitively (real race bikes), the high-end gear makes that little bit of difference between finishing and winning... Of course there is the self-entitled traffic holding up, lane and intersection blocking weekend group riders all dressed up in their Tour de France getups on multi thousand dollar sudo-race bikes with all the latest carbon, titanium, etc., if you are one of them of course you are spending, but for what?
When all this was a trend in the 80s (last time this was all the rage) I was very happy with my $100 velo-sport racing those group rides and smoking them on my POS (man they got mad, how dare he pass me on that, I will show him, I can’t catch him, f-him…). Now I am a fat guy trying to get back in shape, I now have a Jeunet (French bike) form I think the 70s I am fixing up (mechanically, leaving all the patina), my hope is to get back in shape and piss off some of the modern Tour de France group riders…
What is interested comparing the Jeunet to modern frames is the role lawyers play in the design of a modern frame. For the street level (even high-end) bikes geometry has been changed to decrease lawsuits, more so than to improve performance (actually at the loss of performance IMO). I can’t say for the all-out (real) race bikes.