This is an oversimplification that detracts from the value of money. Your assumption that money can only buy sense experiences is incorrect. In reality, money can have a significant impact on the (emotional) and (intellectual) realms.
# Example for (emotional):
A couple with two children living together. The couple's emotional bonding is strained by feeling overwhelmed due to house chores. The strain can be significantly reduced by spending money on a nanny, ordering food when not in the mood for cooking, and other forms of domestic help.
# Example for (intellectual)
Working person with a family wants to pursue a second degree as a hobby. Unfortunately, they can't afford university.
It's true that, beyond a certain point, the returns from having more money diminish quickly. And I agree that as an inherent motivation it probably doesn't work for many people - only as a means to an end. But to say that money can only buy sense experiences is untrue.