If we have something fail in production, the first question we ask ourselves is: Why didn't we catch this in staging? 90% of the time, the answer is: "We didn't test if properly but thought we did."
Our rate of patching for defect is rare.
As far as the cost, our staging is run in hardware retired from production, with some upgrades (mostly RAM and SSDs). I'm not sure we've spent the authors $100K over 2 decades, let alone in a single year. But YMMV.