Steel frame £350 v Carbon frame.£2k Rockshox front forks £350 v Fox 38 float front forks £1250 And so on, are they worth the difference, depends what you do, but for the everyday Joe, no they're not
A lot of the really expensive bikes are made from Carbon components, which is all about making the bike lighter. When you buy a bike from the likes of Santa Cruz, you're paying for top end carbon frames, suspension and shocks etc as well as all of their R&D that has developed the modern bikes on the market. Where they lead, others tend to follow. But yeah, you can go into Halfords and spend £700 and get a decent mountain bike with a suspension fork and fairly progressive geometry.
Yeah time wise this suits me, planned for ages to get one and then Covid happens and the prices go nuts. I'm hoping in 12 to 18 months loads are available with low mileage and I'll get one.