Not coffee, but I've wondered this about stock. Recipe authors claim that the vegetables/meat have no more flavor to give, but I don't know if they've actually tested this.
James Hoffmann has a video on this topic https://www.youtube.com/watch?v=VV68NiRulEk
That being said the veggies are often fairly tasty. The hat is they won’t nurture a next gallon of broth but without further dilution they are great.