Depends on how you define "high quality".
If you mean in terms of building materials, fixtures and fittings, etc., then, yes, there is obviously a relationship between cost and quality, although you can often get good deals if you have a good procurement department who know what they're doing and understand product specifications and not just price! There are lots of alternative/cheaper building materials that give just as good an end result and that would last long enough, hence you need an experience architect/quantity surveyor who deals with "normal" properties. There's a massive "middle ground" between a cheap/crap MDF kitchen worktop and a polished granite worktop!
If you mean in terms of other aspects, i.e. living standards such as room sizes, layouts, locations, etc., then better planning can mean higher living standards can come at minimum extra cost, just by giving more thought to the practical aspects.
It's certainly not a given that a window costing a tenth of the price of a top notch one will last a tenth of the lifespan of the top one. It may not last as long, but there's a "sweet spot" that will be acceptable. I.e. if the one costing ten times as much will last 50 years, but the one costing a tenth of that lasts 25 years, then it's still long enough, and in reality, even the top one with a life of 50 years will probably have needed to be replaced for one reason or another before it's been fitted for 50 years! What you have to guard against is the cheaper one only lasting a ridiculously short amount of time, i.e. 2 years!