Anecdotally, there was a point somewhere between $x and $y where I just stopped looking at the bank account when making minor purchase decisions.

This fed into an attitude of buying the right thing the first time. It is a contributor to my ability to spend money to eat better and the resulting health improvements that further feedback into a better life.

Furthermore, my attitude has shifted from "get wealthy" (20s) to "optimize for time." (30s) and that too has impacted my perception on what career and lifestyle I want.

All this is to say: I do believe there is a soft cap on what money does for your wellbeing. I think the cap probably varies from person to person, and that everyone should try to figure out how to detect what it is for them, lest they burn non-renewable resources going past it. No amount of money makes you or your kids young again.