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Depends on what it is but as a general rule to start from it isn't a terrible idea.
Veg I will go cheapest because I don't care if a carrot has a curve. Cooking equipment I usually go midrange and try to find out WHY the really expensive ones are better, then look for those specific features if they actually matter.
My bike is quite a bit higher, though there is a very wide range for bikes. I went for the cheapest of the high end bike range at £600. Probably spent close to than in accessories and maintenance by now too. Although some maintenance costs are me buying tools I didn't have before too.
As much as I'm laughing at people spending more than $50 on a kettle or toaster or toothbrush or what have you and calling themselves clever shoppers, I think it's worth spending on anything that goes between you and the ground, e.g. tires, shoes, bikes, etc.
Though I'm sure that adage has also been incorporated into modern pricing models and every damn thing is a fucking scam to manipulate you into thinking you've made a shrewd and balanced decision when you spend just a weeee bit more.
I despise every company with a fiery passion.
Expensive doesn't mean the shoes are good, but cheap does mean they are shit. Of course you also get different types of shoe that may not directly compare with others.
Then you also get different shops selling the same product at different prices.