I would like this to be true (who doesn't want to pay less for the same experience) but it's very much not the case. Eg. two years ago I broke my one plus 6, I went to a local mall - they have a Xiaomi store there and a Samsung shop, I spent like 20 mins playing with the phones in each store and you could immediately see which was the premium brand between the two. I still pass by regularly to check things out and get the same impression.

When it comes to high end hardware the only phones that I've seen come close also cost in the same ballpark. Frankly you get what you pay for, diminishing returns are a thing but you can still see a clear difference between 200€ and 600€ phone. Even the iPhone 12max my wife has can justify the price with the insane photo/video quality for a phone.