It seems like you're comparing a tight-tolerance handmade part with a loose-tolerance mass-produced part. But it's possible to mass-produce parts to any desired level of tolerance. It just costs more. TSMC is currently mass-producing parts with tolerances on the order of a nanometer.
It also costs more to handmake parts with tight tolerances than to handmake them with loose tolerances. So from a certain point of view tolerances are all about your budget.
Here's the crucial part, though. You can get any given tolerance level more cheaply by handmaking things at low volumes, and more cheaply through mass production at high volumes.
But let's talk about consistency. In today's statistical process control regimes, it's common for mass-produced parts to hit "six sigma": the point where the tolerances they're manufactured to are six standard deviations out from the process mean, so the normal variation in the process will only produce out-of-tolerance parts in one of a billion cases (1 - pnorm(6) in R). In practice, uncharacterized sources of variation that don't follow the normal distribution tend to overwhelm that, but it's still common to have a better than 99% chance that the part the manufacturer sends you will meet its specifications.
By contrast, when you contract with someone to make the first instance of something, if it's a very reputable maker, you might get 95%. The other 5% includes things like misunderstandings of the specs, unforeseen accidents, and undetected sources of deviation. In complex fields like architecture and software your chances of getting what you ordered are more like 0%.